(Alliance News) - Allianz SE on Thursday said its Real Estate division has increased its London exposure via its first office equity investment in the city, acquiring a 75% interest in a three-building portfolio owned by British Land Co PLC.
Allianz said the London-based property developer will retain the remaining 25% as part of a joint venture.
The Munich, Germany-based financial services firm said the purchase price was GBP401 million.
The three assets – 10 Portman Square, Marble Arch House and York House – are located in Marylebone. Constructed between 2007 and 2014, the fully let, 29,000 square metre portfolio offers contemporary design in line with tenant requirements.
"Adding offices to our already established logistics, residential and student accommodation platforms rounds out our UK equity portfolio, augmenting the fantastic work executed by our European Debt team. We're excited and proud to have been able to achieve so much in the UK since we opened our London office in June 2019," said Annette Kroeger, chief executive Region North & Central Europe at Allianz Real Estate.
Allianz shares were trading 0.1% lower in Frankfurt on Friday at EUR203.05 each, while British Land shares were down 0.6% in London at 452.40 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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British Land (BLND)