Affordable housing portfolio

With this acquisition, Allianz will help the city of Nuremberg reduce the significant supply and demand imbalance for affordable housing.

© Schultheiß


Contributing to alleviating the supply-demand imbalance for affordable housing


Currently there is a waiting list of some 8,000 applicants for affordable housing in Nuremberg, a situation which is reflected across Germany.

Allianz Real Estate had been investigating ways in which to build scalable, further exposure to the residential sector while at the same time making a positive contribution to alleviating the supply-demand imbalance in Germany.

The solution

Allianz Real Estate identified experienced Nuremberg-based developer Schultheiß Projektentwicklung AG as a potential partner as the firm had already begun the planning process with the City of Nuremberg for the development of a portfolio of three affordable housing assets. In total, the assets would comprise 331 residential units as well as five commercial units used for social services such as a Kindergarten. This was an excellent way to support the government’s initiative and diversify our portfolio into the affordable housing sub-sector of residential.


The last of the three assets is set to complete by mid-2023, at which time we will further invest in the portfolio to ensure the units are compliant with the CRREM decarbonization pathway and can therefore have a positive effect on the environment.

What were we proud of?

Aside from the fact that the Schultheiß portfolio is a promising, high-quality investment that stands out from the other assets of this sub class, Allianz Real Estate is living up to its responsibility as a market leader to invest in a way that can make a positive social and environmental contribution.

Facts & figures

Asset nameAffordable housing portfolio
Asset typeResidential
Investment typeCore Plus
Investment structure Directly held (Forward Deal)
Size300-unit affordable housing portfolio
Signing date 2021
SustainabilityThe assets will undertake further development to ensure they are compliant with the CRREM decarbonization pathway and can therefore have a positive, long-term impact on the environment.
Investment EUR 135 million