Allianz Real Estate has finalised the acquisition of 100% of the units of the Italian closed-end alternative real estate investment fund named 'Kensington' on behalf of a group of German Allianz entities.
The fund is managed by Kryalos Sgr and was sold by real estate funds controlled by Blackstone Real Estate Partners Europe.
In acquiring 100% of the fund, Allianz's portfolio now includes an additional two prime office properties in the Milan Porta Nuova District: 'Gioia 26' and 'Porta Nuova 21'.
'Gioia 26', which is located at the Via Melchiorre Gioia 26, hosts the Italian headquarters of General Electric, Gilead and Multi Corporation. 'Porta Nuova 21', which is located at Bastioni di Porta Nuova 21, hosts 'Spaces', a new flexible working format implemented by the Regus Group that targets high growth potential businesses, particularly new tech and media companies.
"Kensington provides Allianz with access to the type of property we find attractive when seeking stable returns for our customers: Milan as a gateway city and the underlying assets for the type of tenant they attract" commented Mauro Montagner, CEO of Allianz Real Estate Southern Europe, "We have a depth of experience managing properties for large global businesses. Alongside this, Allianz's global portfolio is seeing increasing emphasis on flexible working environments".
Shearman & Sterling has acted as legal advisor to Allianz.
Vitale&Co Real Estate has acted as financial advisor to the Seller as well as Molinari Associati as legal advisor.