This latest transaction follows a deal completed at the end of 2019 in Madrid wherein Allianz Real Estate executed a EUR 134 million loan to finance Starwood Capital’s acquisition of Las Mercedes, a nine-building office park close to Barajas airport in the east of the city.
The Asturias deal represents Allianz Real Estate’s first financing transaction with ECE Real Estate Partners, one of the largest independent institutional European shopping centre fund management companies and strengthens the established partnership with the ECE Group: to date, ECE manages five shopping centres across Europe on behalf of Allianz Real Estate. intu Asturias is one of the top-performing shopping centres in Spain. It offers approximately 74,000 sqm of lettable space, boasts 99% occupancy with strong anchor tenants, and has benefitted from continuous turnover and footfall growth over the last few years.
“We are delighted to build on our relationships with ECE and Starwood Capital with these financing transactions, which perfectly reflect our debt strategy – prime sponsors and top assets,” said Roland Fuchs, Head of European Debt, Allianz Real Estate. “2019 was a successful year for Allianz Real Estate’s European debt business and, in particular, for our debt fund. We’re pleased to be building further on that momentum at the start of 2020 with several prime transactions. Going forward, our debt strategy will continue to be built around the prime approach as the foundation of the disciplined growth of our portfolio.”
Launched in mid-2018 to simplify access to European real estate debt investments for Allianz group insurers and third-party investors, Allianz Real Estate’s Luxembourg-based debt fund now has close to EUR 3 billion in assets under management.
Allianz Real Estate GmbH and Allianz Real Estate of America, their subsidiaries and affiliates are known jointly as “Allianz Real Estate”. Allianz Real Estate is a PIMCO company. When introducing a property investment opportunity to Allianz Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between Allianz Real Estate and the introducer. By submitting an introduction to Allianz Real Estate you shall be deemed to have accepted the aforementioned terms.
PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO.