Allianz Real Estate has acquired two manage-to-core office developments, totaling approximately 60,000 sqm, in Saint-Ouen, Paris, on behalf of several Allianz group companies.
The transactions, both 50:50 joint ventures with a French public financial institution, are forward purchases with a total value of EUR 415.6 million, said in a press release.
Located in Saint-Ouen, the gateway to Paris, the developments are at the foot of the RER C train line and the future metro line 14.
“These two exceptional office assets are located in a first-class and fast-growing district near Paris and underline our intention to expand our portfolio while integrating the highest environmental and technological standards. The acquisition reinforces Allianz Real Estate’s strategy to strengthen our presence in Europe’s key cities,” said Alexander Gebauer, Chief Executive for West Europe, Allianz Real Estate.
Developed by BNP Promotion and Emerige, two well-known French developers, this major urban project will be completed in Q2 and Q4 2021.
“Paris has one of the strongest and most interesting markets in Europe magnified by projects such as the Grand Paris,” said Sébastien Chemouny, Head of France at Allianz Real Estate. “We are constantly looking to tie available opportunities with our strategy to increase our exposure in cities with such potential while building strong long-lasting relationships with our business partners.”