{"id":1004452129,"date":"2020-05-27T03:32:09","date_gmt":"2020-05-27T11:32:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004452129"},"modified":"2020-05-27T03:32:09","modified_gmt":"2020-05-27T11:32:09","slug":"allianz-real-estate-closes-154m-acquisition-in-milan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/","title":{"rendered":"Allianz Real Estate Closes $154M Acquisition in Milan"},"content":{"rendered":"
\"\"<\/a>

Via Armorari 4. Image courtesy of Allianz Real Estate<\/em><\/p><\/div>\n

Allianz Real Estate, the investment and asset manager for real estate within Allianz Group, is expanding its Italian portfolio with the acquisition of a prime office asset in Milan, Italy, in a sale-leaseback deal<\/a> with Cr\u00e9dit Agricole Italia for $154 million, or \u20ac140 million. The transaction was made on behalf of several Allianz group insurance companies and acquired through an existing fund structure managed by Kryalos SGR.<\/p>\n

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READ ALSO<\/strong>: Coronavirus Places Premium on Healthy Buildings<\/a><\/p>\n

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Cr\u00e9dit Agricole Italia signed a nine-year lease for the entire asset, which will continue to be one of the bank\u2019s most important headquarters. The lease secures long-term cash flow for the underlying Allianz insurance companies.<\/a><\/p>\n

Located in the city\u2019s central business district and well positioned in the heart of Milan\u2019s financial district, the asset is composed of three interconnected buildings facing Via Armorari and Via Cant\u00f9. It is spread over six floors plus two basements with a gross building area of approximately 116,300 square feet.  Erected in the early 20th<\/sup> century, the property was fully refurbished between 2014 and 2019.<\/p>\n

Donato Saponara, head of transactions for West Europe & country head of Italy for Allianz Real Estate, said in a prepared statement the acquisition underscores the firm\u2019s strong belief in the long-term strength of the Milan market despite the current environment. He noted the property adds a very high-quality asset to the portfolio that will provide long-term, stable cash flows from a prime tenant.<\/p>\n

Alexander Gebauer, Allianz Real Estate\u2019s CEO for West Europe, said in prepared remarks the firm plans to remain very active in Italy, particularly in the office sector in Milan and Rome. He stated the combination of the firm\u2019s local experts and Allianz Real Estate\u2019s global platform gives the company an advantage.<\/p>\n

Last year, Allianz Real Estate\u2019s Italian deals included the acquisition of more than \u20ac400 million, nearly $440 million, in office and logistic assets and a number of redevelopments in Milan, Rome and Trieste, totaling nearly 1.1 million square feet.<\/p>\n

More office deals <\/strong><\/h2>\n

Elsewhere in Europe, the firm boosted its presence in Germany in March with the acquisition of an office building in Munich<\/a> for \u20ac214 million, or nearly $239 million. The transaction, expected to close later this year, was a sale-leaseback deal with German media conglomerate Bertelsmann. The asset has about 352,000 square feet divided across two buildings connected by a two-story foyer. It was built in the 1990s but is in excellent condition.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company purchased the office asset in a sale-leaseback transaction with Cr\u00e9dit Agricole Italia.<\/p>\n","protected":false},"author":1068,"featured_media":1004452177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,16,21783,21742,21747],"tags":[36612],"class_list":["post-1004452129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-international","category-investment","category-latest","category-office","tag-allianz-real-estate"],"acf":[],"yoast_head":"\nAllianz Real Estate Closes $154M Acquisition in Milan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allianz Real Estate Closes $154M Acquisition in Milan\" \/>\n<meta property=\"og:description\" content=\"The company purchased the office asset in a sale-leaseback transaction with Cr\u00e9dit Agricole Italia.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-27T11:32:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Alliaz_Milan-office-asset.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/\",\"name\":\"Allianz Real Estate Closes $154M Acquisition in Milan - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Alliaz_Milan-office-asset.jpg\",\"datePublished\":\"2020-05-27T11:32:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-closes-154m-acquisition-in-milan\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Alliaz_Milan-office-asset.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Alliaz_Milan-office-asset.jpg\",\"width\":800,\"height\":620,\"caption\":\"Via Armorari 4. 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