Allianz Real Estate Appoints Two Senior Hires to its Growing US Business

Michael Cale as US Co-Head of Debt Investments and Karen Horstmann as US Head of Equity Acquisitions

Allianz Real Estate, the $72.3 billion real estate investment and asset manager of the Allianz Group, has appointed Michael Cale as Co-Head of Debt Investments and Karen Horstmann as Head of Equity Acquisitions. Both roles will focus on the company’s US business and report to Christoph Donner, CEO of Allianz Real Estate of America.

Bringing 18 years of expertise and joining the company in July, Michael will be based in Atlanta and lead the national Origination Team to cover Atlanta, New York and Los Angeles. Alongside him, his Co-Head Mike Krawiec will focus on underwriting and structuring, overall portfolio allocation and investor management for the $13 billion Commercial Real Estate Loan business. Michael comes to Allianz from Voya Investment Management where he held the position of Senior VP, Head of Capital Markets.

In September 2019, Allianz Real Estate will also welcome Karen Horstmann to lead the Equity Acquisitions team from the New York office. Karen will join the team shortly after the announcement of Allianz Real Estate’s second acquisition in New York’s leading development, Hudson Yards. She brings with her 20 years of experience in global real estate, most recently holding a position at Norge’s Bank Real Estate Management in New York.

Since the beginning of 2018, Allianz Real Estate has deployed $2.4 billion of commercial debt financing and $1.5 billion in equity deals in the United States. High profile debt deals include 200 Occidental in Seattle, the BDO Industrial Portfolio in Ogden, UT and the Promenade at Downey in the Los Angeles metropolitan area. Alongside these properties, the company has announced the acquisitions of a number of high-quality buildings: 30 Hudson Yards, the Terminal Stores and 1515 Broadway in New York, San Francisco’s Ferry Building and 53 State Street in Boston.

“Allianz is committed to growing its portfolio in North America and both Karen and Michael will play key roles in the accomplishment of this growth plan,” said Christoph Donner, CEO for Allianz Real Estate of America. “Our European investors are looking to diversify their equity portfolios through further investment in the United States’ abundant 24/7 gateway cities. Karen’s strategic experience with fiduciary based European investors places her in an ideal position to lead and grow our Equity Acquisition team.”

Donner continued, “Additionally, our US investors have tasked us to continue growing our debt book by deploying approximately $2 billion each year and to explore further opportunities that fit their risk and return profile. We look forward to combining Michael’s proven accomplishments and expertise with Allianz Real Estate’s 30 year strong commercial financing track record.”


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