Allianz has provided c.EUR300 million to German pension fund Bayerische Versorgung-skammer (“BVK”) to support the acquisition of an iconic retail asset located at 114 Avenue des Champs-Elysées, Paris, sold by EPI, a French independent investment group. The deal was implemented by Allianz Real Estate, and builds on Allianz’s significant European debt portfolio.
This 5,800 sqm Haussmannian building is located on the best part of Avenue des Champs Elysees which ranks among the world Top-5 retail location and attracts annually 100 million visitors. It used to be occupied by a luxury shoe brand and will become Apple's European flagship store in Continental Europe after a comprehensive and extensive restructuring programme designed by Pritzker prize-winner architect Sir Norman Foster. The store is forecast to open before the end of 2018.
Allianz Real Estate’s c.EUR300 million loan has a 15-year maturity term, and was used to finance part of the acquisition price. Allianz Real Estate was the sole lender with Crédit Agricole Corporate and Investment Bank acting as Facility Agent and Bookrunner. Allianz was advised by Allez & Associés and De Pardieu Brocas Maffei A.A.R.P.I.
Hines France led the deal and was advised by Mayer Brown law firm, Freshfields Germany and the Lasaygues Notary office.
Debt is a fast-growing business line for Allianz Real Estate. In 2017, its European debt portfolio increased by EUR1.9 billion to EUR6.3 billion. Select deals included EUR312 million in financing for the office building “Atrium” in Amsterdam and EUR300 million for ‘Window” in Paris. It also expanded into the UK, including the refinance of 55 Baker Street, a mixed-use building in London’s West End.
“It was a real team effort between Allianz and Hines to achieve that debt financing in a short period of time. The exceptional loan maturity proposed by Allianz was key to the success of that irreplaceable transaction. It further strengthens our global relationships will Allianz, being one of our major financing partners in Europe,” said Xavier Musseau, Managing Director of Hines France.
“This was a unique opportunity to finance a landmark property located in the most prime portion of the Avenue des Champs-Élysées in Paris, one of the most desirable shopping destinations worldwide. It was also an excellent opportunity to consolidate our relationship with Hines and Bayerische Versorgungskammer, while offering an attractive, long-term investment to Allianz investors,” said Roland Fuchs, Head of European Debt at Allianz Real Estate. “We expect European debt to play a continued central role in our asset growth in 2018 and beyond, both in core markets such as France and Germany but also in new territories.”
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