Allianz grows its UK portfolio with a participation in Get Living, the UK’s largest Private Rental Sector platform

Munich, 08/24/2020

Allianz Real Estate, acting on behalf of several Allianz Group companies, has acquired a 21.5% stake in the Delancey Oxford Residential (DOOR) fund. DOOR is a dedicated residential investment vehicle which owns 39% of Get Living, the UK’s leading build-to-rent operator of large-scale residential neighbourhoods and the UK’s most successful Private Rental Sector (PRS) platform.

DOOR, co-sponsored by Oxford Properties Group and Delancey Real Estate Asset Management Limited, owns Get Living alongside Dutch asset manager APG and Qatari Diar. Allianz Real Estate has invested GBP 260 million into the platform.

The investment by Allianz brings DOOR’s equity commitments to GBP 1.2 billion. The capital will be used to invest in Get Living’s existing pipeline and future acquisition opportunities. Get Living, which is targeting up to 12,000-14,000 homes, currently has c 2,900 PRS units (89% in London) with a pipeline of an additional c. 4,500 to be developed over the next five years in London, Manchester, Glasgow and Leeds.

Allianz Real Estate believes the PRS sector in the UK, as well as in markets such as the US and Japan, is highly attractive, driven by positive demographic trends, a demand/ supply imbalance, and affordability issues boosting demand for rentals. COVID-19 has underscored the strength of the sector, with collection rates having held steady for listed UK and European PRS companies.

The acquisition of the DOOR stake adds significant momentum to Allianz Real Estate’s London-centric UK portfolio. Having grown the London-based team considerably over the last year, recent deals include the GBP 140 million financing for the development of 33 Charterhouse Street for Helical Plc and the GBP 120 million in debt financing to The Office Group for the acquisition and refurbishment of Chancery House. In June 2018, it partnered with Greystar and PSP in a joint venture to grow Chapter, London’s premier student accommodation brand.

“The UK continues to be a core market for Allianz Real Estate, and we are focused on increasing our exposure in London through the living segment and the office sector. We continue to build on a broader UK exposure to the logistics segment. We believe our local team of experts places us at an advantage to source high quality investments and we expect continued activity across 2020 and into next year,” said Kari Pitkin, Head of Business Development for Europe, Allianz Real Estate.

We have a strong belief in the multi-family sector in gateway cities across the globe and the UK’s living segment is no exception. This investment in DOOR is very complementary to our Chapter portfolio of student housing across London. We are delighted to be increasing our exposure to the asset class through a market-leading, prime investment vehicle with a strong track record.”

Tagged with:

Residential 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.