Allianz see value in European property

Highlighting the attraction of European
commercial property, insurer Allianz’s global property unit Allianz
Real Estate (ARE) is pursuing an aggressive expansion strategy with
seven major deals announced since the end of 2009 worth a total of
€1.4bn ($1.8bn).

Largest of the acquisitions was Porta di Roma,
a shopping centre in Rome, bought in a 50:50 joint venture between
ARE and Dutch property company Corio in May for €440m.

The largest shopping centre in Italy, Porta di
Roma has a gross let-able area of 97,000 square metres and,
according to ARE, was bought on an initial yield of 6.4%.

Other major deals announced during the past six
months were:

• A 75% stake in Espace Saint-Quentin, a
  regional shopping centre in France, for €235m;
• Capital 8 comprising three office
  buildings in Paris for €260m (according to French media); and
• Le Colisée, an office block in Paris
  for €160m (according to French media).

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