Germany’s Allianz announced that it has “sold a portfolio of German property to IVG Immobilien AG for around €1.3 billion [$1.765 billion]. The portfolio comprises several buildings currently occupied by Allianz, which the Group will lease back and continue to use as before.”
Allianz characterized the transaction as a way to “optimize its real estate assets.” Around 85 percent of the properties owned by German Allianz insurance companies “is still located in Germany. The sale of this tranche of properties enables the Group to take a significant step away from its over-concentration on office buildings in Germany toward a more diversified and international real estate portfolio.”
Allianz also reiterated a previous statement that it is “currently considering the sale of a second tranche of properties, as the current market situation is particularly favorable to such sales.”
The Group’s overall goal is to “increase its real estate assets from today’s figure of three percent of total assets to around seven percent of the total,” said the bulletin. “It will also pursue an active asset management strategy that includes sustainable new investment in Germany.”
The portfolio to be sold to IVG comprises Allianz office buildings in Frankfurt, Hamburg, Neuperlach (Munich), Unterföhring and Stuttgart. “The transaction is not linked to the reorganization of Allianz, ” the bulletin stated, “and the company’s employees will be unaffected by the changes.”
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