Allianz strengthens its China presence with the acquisition of its first office asset in Beijing
Singapore/Munich, 07/09/2018
Allianz announced today that it has acquired ZLink, a 31,426 sqm grade-A office asset located in Zhongguancun, Beijing, in an all-cash deal. The asset has been acquired from KaiLong Group and Goldman Sachs.
The transaction was conducted by Allianz Real Estate, the EUR 56 billion real estate investment and asset manager of the Allianz Group, on behalf of several Allianz companies. Allianz will own 98% of the equity, with the remainder to be held by KaiLong Group.
ZLink is 100% occupied and leased to leading Chinese technology companies, including Baidu. The asset is located in the heart of Zhongguancun Software Park in the Haidan District of Beijing. The park is a hub for international and domestic technology companies including Microsoft, IBM, Lenovo, Baidu and Didi, among others. The area is home to top universities like Peking University and Tsinghua University.
“The ZLink deal underscores our strategy to align our investments with the secular growth of the new economy in China, driven by the IT, technology and innovation sector. Zhongguancun area is a sought-after hub for IT and technology companies. Over the last 5 years the Zhongguancun Software Park has seen strong rental growth and one of the lowest levels of vacancy in Beijing,” said Rushabh Desai, CEO Asia-Pacific at Allianz Real Estate. “As Allianz Real Estate’s first investment in the Beijing office sector, the acquisition provides compelling diversification benefits to our office portfolio in China.”
The acquisition of ZLink builds upon a number of recent deals in Shanghai by Allianz Real Estate, including the investment in Trinity Tower in Hongkou District and Sky Soho in Hongqiao District.
Heiming Cheng, Chairman of KaiLong Group said, “We welcome the partnership with Allianz. After successfully managing the ZLink asset for several years, we are excited to further partner with Allianz Real Estate to take this asset to the next level."
DLA Piper and Ernst & Young acted as advisors to Allianz.
When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.
"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road, Shanghai Tower, Pudong New District , Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.