Allianz’s EUR 400m refinancing of Westfield Centro in Germany caps record first half of 2022 for its European debt business

Munich | Paris, 07/18/2022

Allianz Real Estate, acting on behalf of several Allianz Group companies and institutional third-party co-investors, has provided EUR 400 million in sustainability-linked debt funding for the refinance of the flagship Westfield Centro retail center in Oberhausen, Germany.

Image: Unibail Radmco Westfield

The funding, which was complemented with a EUR 300 million facility from co-arranger and agent Helaba to bring the overall loan to EUR 700 million, brings the total amount lent by Allianz Real Estate’s European Debt team in the first half of 2022 to EUR 1.8 billion. This is the firm’s highest first-half lending volume to date.

Located in the heart of North Rhine-Westphalia, with a catchment area of 3.5 million inhabitants within a 45-minute drive, Westfield Centro is one of the top shopping and leisure destinations in Germany. With more than 240,000 sqm, it is certified BREEAM In-Use Excellent.

Owned by Paris-based Unibail-Rodamco-Westfield (URW) and Canada Pension Plan Investment Board (CPP Investments), the center, which showed excellent resilience during the pandemic due to its market position, is the only Westfield-branded standing asset in Germany.

Allianz Real Estate has seen strong demand for debt funding in Europe across the first half of 2022. Deals include 90% of a EUR 301 million refinancing facility to Intospace for six logistics assets in the Netherlands and GBP 200 million (EUR 232 million) to a consortium of four sponsors to support the development of 105 Victoria Street in London.

The funding for Westfield Centro is one of three retail sector deals closed in Q2 2022 alone, with the other two – one in the Netherlands and one in France – worth a combined EUR 430 million. Overall, Allianz Real Estate has EUR 11.7 billion in European debt AUM as of 31st March 2022.

Debora Sobel, Head of European Debt Origination – Munich, Allianz Real Estate

Debora Sobel, Head of European Debt Origination – Munich, Allianz Real Estate

Debora Sobel, Head of European Debt Origination – Munich, Allianz Real Estate, said: “The refinancing of Centro for URW, one of the leading players in European prime retail, and CPP Investments allows us to round off a strong first half of 2022 and demonstrates Allianz Real Estate’s leading position in European real estate debt. Our strategy is to work with our borrowers to help them optimize their capital structure, create long-term value and realize growth opportunities across all sectors.”

Tagged with:

Financing Retail Europe

Press Contact:

Paula Eirich
Paula Eirich
Head of External Communications

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.