Transactions include:
• EUR135 million financing of mixed use development in Madrid, Spain
• EUR150 million refinancing of Gränbystaden Galleria shopping centre in Uppsala, Sweden
• EUR316 million refinancing of office and residential portfolio in Dublin, Ireland
Allianz Real Estate’s Pan-European debt fund, launched in July this year, has surpassed EUR1 billion in deployed capital in its first five months, completing transactions in the UK, Italy, Ireland, Spain and Sweden on behalf of a range of Allianz insurance firms. The platform has successfully accelerated Allianz Real Estate’s European debt business.
The new fund, which is administered in Luxembourg, was launched to accommodate the growing demand from Allianz Group companies seeking to increase their exposure to real estate debt. In 2019, Allianz Real Estate will be opening the fund, which focuses on prime lending opportunities, to third-party institutional investors.
In the summer, the fund successfully closed its first two transactions, providing a senior debt facility for Blackstone’s refinancing of St Katharine Docks in London and a senior debt facility for McArthurGlen’s refinancing of the Noventa di Piave shopping centre in Italy.
In recent months, Allianz has completed three further debt transactions through the new fund: a 10-year EUR135 million loan alongside Caixabank for the development of a mixed-use scheme in the Spanish capital of Madrid called ‘Torre Caleido’; a EUR150 million loan alongside Brunswick Real Estate Capital for the refinancing of Gränbystaden Galleria, a 52,000sqm shopping centre in Uppsala, 45km north of Stockholm, owned by listed Atrium Ljungberg; and a full refinancing of a portfolio owned by Starwood Property Trust, made up of 10 office assets and one residential property located in the city centre of Dublin, increasing Allianz’ share from approximately EUR150 million to EUR316 million.
“We are delighted by the early success of the platform and the growth of Allianz’ debt portfolio” said Francois Trausch, Chief Executive Officer at Allianz Real Estate. “We look forward to building on this strong foundation in the months ahead as we prepare to open the fund to third party capital in 2019.”
Roland Fuchs, Head of European Debt at Allianz Real Estate said, “The pace of progress is testament to the investment platform, which was designed to consolidate and simplify the investment process for both Allianz companies and potential third parties.”