Allianz has announced its EUR 100 million commitment to the Hines European Value Fund, widening its exposure to Value Add opportunities on a Pan European basis. Allianz Real Estate, the real estate investment and asset manager within the Allianz Group, has conducted the transaction on behalf of several German Allianz entities.
Having raised EUR326 million since the first July closing, the Hines European Value Fund is well underway to reach its target of EUR500 million by the end of the year. The fund focuses on office and retail in top tier cities in the major markets of Western Europe. It seeks to provide institutional investors with attractive returns through active value creation ranging from re-gearing to significant redevelopments through Hines' local execution teams.
Olivier Téran, Allianz Real Estate Chief Investment Officer, said: "Europe remains a key focus of our investment strategy. Finding good opportunities at reasonable yields is getting more and more difficult, especially in top tier cities. Our new partnership with Hines will increase our exposure to pan European Value Add sector and consequentially provides our investors with superior returns that can be achieved by repositioning and redeveloping assets."