Allianz completes acquisition of two residential buildings in Paris
Paris, Munich, 11/27/2018
Allianz has completed the acquisition of two residential buildings located in Paris. The 19th century Haussmanian buildings have a total area of 7,117 sqm spread over 58 apartments and 67 underground parking units, presenting a rare opportunity to acquire a residential property in Paris through a block-sale process. The buildings have been acquired by Allianz Real Estate on behalf of Allianz France.
The properties are located close to Parc Monceau in the southern part of the 17th district (“arrondissement”), offering a family friendly environment in an attractive area close to all amenities. Demand for such properties is extremely high due to their spacious size, Haussmanian features and availability of basement parking.
Sebastien Chemouny, Head of Allianz Real Estate France
Sebastien Chemouny, Head of France, Allianz Real Estate said, “This acquisition presented us with a rare opportunity to invest in Paris’ outstanding Haussmanian architecture. Despite residential assets accounting for a relatively small proportion of our overall portfolio in France, the asset class remains strategically important to us both in terms of diversification and providing opportunities for sustainable returns.”
As of 30th June 2018, residential property accounted for 17% of Allianz Real Estate’s global asset allocation. This acquisition is Allianz’ second deal in Paris this year. In April, Allianz provided c. EUR300 million of debt financing to German pension fund Bayerische Versorgungskammer to support the acquisition of the iconic, future flagship Apple store on Avenue des Champs-Elysées.
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