Allianz acquires prime office asset in Rome for €175m

Allianz acquires prime office asset in Rome for €175m
Image: Andrea Martiradonna /Courtesy of Allianz Real Estate

Allianz Real Estate has acquired a prime office asset in Rome for €175 million.

The deal has been made through the Altair Fund, a closed-end real estate fund managed by DeA Capital Real Estate SGR.

Built in the 1950s and an excellent example of Rationalist architecture, Curtatone is a stand-alone, multi-tenanted office property with a gross lettable area of over 22,000 sqm distributed over nine floors above ground and two below ground.

After extensive refurbishment, the building is one of the few LEED Gold certified assets in Rome’s historical CBD, complying with both CRREM Pathway and EU Taxonomy requirements.

”As such, it fully supports Allianz Real Estate’s global ESG program, which aims to reduce carbon emissions across its portfolio by 25% by 2025 and be carbon net-zero by 2050,” Allianz said.

The building has a high-profile, diversified tenant base which benefits from a range of private amenities, including a swimming pool, a gym and a terrace as well as easy access to public transportation including Termini railway station and two metro lines.

This latest transaction in the Italian capital follows Allianz Real Estate’s acquisition of Arte 25, a multi-tenant office complex in Rome in 2020, and represents a rare opportunity to further bolster Allianz Real Estate’s presence in the city’s historical CBD.

In addition to Arte 25 in Rome, recent office transactions include the off-market acquisition of Porta Nuova, a manage-to-core office complex situated in the heart of Milan’s CBD in November 2021. Allianz Real Estate’s on the ground asset management team have also managed several high-profile redevelopments in the region, including the repositioning of the historic Palazzo Marignoli in Rome in June 2021.

“This is a compelling opportunity to acquire a prime office asset with high-quality environmental credentials in Rome’s historical CBD, allowing us to capitalize on the strong demand from tenants for flexible solutions. The ability to execute an off-market deal for such a commercially significant building is a real testament to the capabilities of our local team and the relationships we have fostered,” said Donato Saponara, Head of Investments West Europe & Country Head of Italy, Allianz Real Estate.

“Looking forward, our commitment to growing our Italian equity portfolio remains, with a focus on office assets in Milan and Rome, as well as out-of-town logistics facilities and select investments in alternative asset classes,” he added.

Alexander Gebauer, CEO for West Europe, Allianz Real Estate, said: “We remain highly positive towards the European office sector. This transaction is fully aligned with our strategy in the sector, which focuses on the acquisition and redevelopment of high-end buildings in resilient locations with amenities to meet post-Covid tenant demands. We will continue to build a significant footprint in this core asset class as part of the diversification of our European portfolio.”