Allianz acquires a prime office icon in Paris’s fast-growing western Business District

Munich, 09/09/2020

Allianz Real Estate, acting on behalf of several Allianz Group companies, has acquired two prime office buildings which form part of the landmark office complex Citylights in the Paris region. This off-market transaction of approximately EUR 500 million represents the largest office transaction that Allianz Real Estate has closed in Europe.


Citylights is located in Boulogne-Billancourt ,one of the best-established office markets in the Western Business District of Paris, and comprises three towers. Allianz has acquired the 23-storey City 1 and the nine-storey City 3, providing a total gross lettable area of 48,500 sqm and representing approximately 60% of the entire development.

Formerly known as the Pont de Sèvres Towers, the complex was built in 1978 before being redeveloped and refurbished in 2014 and 2015 by the internationally awarded architect Dominique Perrault. The buildings adhere to the highest environmental standards with certifications such as HQE Exceptional and BREEAM Excellent, offering tenants a high-quality working environment, including concierge services, multiple restaurants, an auditorium and fitness facilities. The office towers are connected by a central hall serving three lobbies.

“The acquisition of Citylights constitutes a further milestone in our global investment strategy. It is a one-of-a-kind office asset in a strong market that offers its tenants top quality in terms of architecture, design, amenities, sustainability and user experience. We are convinced that, by offering superior quality and services to the users of our buildings, we will secure our ongoing success,” said Alexander Gebauer, Chief Executive Officer for West Europe, Allianz Real Estate. “As long-term investors, we look to maintain our market leading position by adding outstanding assets like Citylights, but also by continuously upgrading our existing office portfolio through our Building Signature Program. The aim of this programme is to ensure our assets meet the highest standards in terms of innovation, digitalization and connectivity as well as social and environmental impact.” 

In the coming years, Boulogne-Billancourt will benefit strongly from the Grand Paris project. The arrival of the Grand Paris Express Line N. 15, which is in front of Citylights, alongside the existing metro station Pont de Sèvres, located at the foot of the property, will offer tenants excellent public transport facilities.

"Paris and specifically the Grand Paris continues to be very attractive within the broader Allianz Real Estate strategy, which is why we have increased the portfolio in France with this significant acquisition,” said Sébastien Chemouny, Head of France, Allianz Real Estate. “More broadly, core assets provide attractive long-term returns and we plan to further expand our portfolio with sustainable high-quality buildings like Citylights, in strong, resilient and liquid markets like in Boulogne." 

The transaction reaffirms Allianz’s conviction to further invest in prime assets in the Paris market. Including Citylights, its French equity portfolio now stands at EUR 8.7 billion of AUM. In December 2019, the firm acquired two large develop-to-core office developments in Saint-Ouen, strategically located in the gateway to Paris. The V2 an V3 will also offer tenants the highest environmental standards, placing tenant well-being and sustainability at its core.

“Despite the current environment, this important deal reinforces our commitment to increasing our exposure to prime assets and highlights the long-term value creation that our team is capable of executing in respect of complex deal structures. Allianz Real Estate has built a strong execution credibility in the market which places us at an ideal position to capture key transactions in cities with strong potential,” said Donato Saponara, Head of Transactions for West Europe, Allianz Real Estate.” 

Tagged with:

Office Europe

Press Contact:

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.