Allianz Real Estate announced that it has acquired a 21.5% stake in the Delancey Oxford Residential (DOOR) fund. DOOR is a dedicated residential investment vehicle which owns 39% of Get Living, the UK’s largest Private Rental Sector (PRS) platform. Allianz Real Estate has invested €260 million into the platform.
Delancey Oxford Residential (DOOR) fund, co-sponsored by Oxford Properties Group and Delancey Real Estate Asset Management Limited, owns Get Living alongside Dutch asset manager APG and Qatari Diar.
The investment by Allianz brings DOOR’s equity commitments to GBP 1.2 billion. The capital will be used to invest in Get Living’s existing pipeline and future acquisition opportunities. Get Living, which is targeting up to 12,000-14,000 homes, currently has c 2,900 Private Rental Sector (PRS)units (89% in London) with a pipeline of an additional c. 4,500 to be developed over the next five years in London, Manchester, Glasgow and Leeds.
The acquisition of the DOOR stake adds significant momentum to Allianz Real Estate’s London-centric UK portfolio, said the company in a statement. ”Having grown the London-based team considerably over the last year, recent deals include the GBP 140 million financing for the development of 33 Charterhouse Street for Helical Plc and the GBP 120 million in debt financing to The Office Group for the acquisition and refurbishment of Chancery House. In June 2018, it partnered with Greystar and PSP in a joint venture to grow Chapter, London’s premier student accommodation brand.”
“The UK continues to be a core market for Allianz Real Estate, and we are focused on increasing our exposure in London through the living segment and the office sector. We continue to build on a broader UK exposure to the logistics segment. We believe our local team of experts places us at an advantage to source high quality investments and we expect continued activity across 2020 and into next year,” said Kari Pitkin, Head of Business Development for Europe, Allianz Real Estate.
“We have a strong belief in the multi-family sector in gateway cities across the globe and the UK’s living segment is no exception. This investment in DOOR is very complementary to our Chapter portfolio of student housing across London. We are delighted to be increasing our exposure to the asset class through a market-leading, prime investment vehicle with a strong track record.”
 fund which owns Get Living.){kind=link}