Allianz Real Estate Ends a Strong Year in the United States with Equity Investments in 53 State Street, Boston and the Terminal Stores Building in New York City
NEW YORK--(BUSINESS WIRE)--Dec 7, 2018--As 2018 closes, Allianz announced another strong year of real estate growth in the United States with the debt team originating nearly 60 new transactions – a record number of closings for the calendar year – and the equity team finalizing three high profile investments. This growth in the United States reflects Allianz’s continued appetite for quality real estate in the gateway cities of the world and makes a significant contribution to its ambition to reach c.a. $110bn by the end of 2020.
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The Ferry Building, San Francisco, CA (Photo Courtesy of HUDSON PACIFIC PROPERTIES).
“2018 again delivered strong growth and we are ending this year in a very good position,” said Christoph Donner, CEO of Allianz Real Estate of America. “This has been one of our most productive periods combining an increase in our AUM with the continued expansion of our team. This positions Allianz well to achieve future growth in line with the long-term goals of our investors.”
Today, Allianz announces two new investments for its East Coast equity portfolio: the Terminal Stores Building in New York, New York, and 53 State Street in Boston, Massachusetts.
The Terminal Stores Building is located in Manhattan’s west side submarket just south of Hudson Yards. The property is a mixed use, historic, rare building occupying a full city block. Allianz, alongside Normandy Real Estate Partners, L&L Holding Company and JP Morgan will work to optimize the building configuration and realize its full potential.
53 State Street, the 1.24 million square-foot property also known as Exchange Place, integrates the historic Boston Stock Exchange Building that was completed in 1891 and the 40-story modern glass office tower built in 1985. Allianz now owns a 49 percent interest in the property.
On the West Coast, Allianz’s equity presence grew through its $132.6mn capital contribution to the joint venture acquisition of the iconic Ferry Building in San Francisco where Allianz Real Estate acquired a 45 percent interest with Hudson Pacific Properties owning 55 percent.
Allianz‘s 2018 financing activity also further diversified its geographic footprint across the United States. High profile debt investments included 200 Occidental ($82mn) - a Class A, LEED Platinum certified office property in the heart of the Pioneer Square submarket of Seattle; BDO Industrial Portfolio ($55.8mn) - four class A industrial buildings constructed between 2016 and 2018 totalling 1.11mm sq ft located in the office/industrial master planned park known as Business Depot Ogden; and The Promenade at Downey ($85mn) – a 2015 built, 446,851 sq ft Regional Open-Air Shopping Center located in Los Angeles County. The site was formerly home to NASA as they built key components of the Saturn and Apollo space missions.
About Allianz The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 660 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.
About Allianz Real Estate Allianz Real Estate is the strategic real estate organization within the Allianz Group and a leading international real estate investment and asset manager. Allianz Real Estate develops and executes worldwide tailored portfolio and investment strategies on behalf of the Allianz companies, considering direct as well as indirect investments and real estate loans. The operational management of investments and assets is currently performed in 5 regions, West Europe (Belgium, France, Italy, Luxemburg, Portugal, Spain), North & Central Europe (Austria, CEE, Germany, Ireland, Nordics), Switzerland, USA and Asia Pacific. The headquarters of Allianz Real Estate are located in Munich and Paris. Allianz Real Estate has approximately 60 billion euros assets under management.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group’s core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
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CONTACT: David Heinsch, 612-455-1768
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MASSACHUSETTS NEW YORK UTAH WASHINGTON
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Allianz Real Estate
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