{"id":1004457238,"date":"2020-06-18T04:17:35","date_gmt":"2020-06-18T12:17:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004457238"},"modified":"2020-06-18T06:51:13","modified_gmt":"2020-06-18T14:51:13","slug":"allianz-real-estate-expands-italian-footprint-with-225m-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/","title":{"rendered":"Allianz Real Estate Expands in Italy With $225M Buy"},"content":{"rendered":"
\"\"<\/a>

Via Dell\u2019Arte 25. Image courtesy of Allianz Real Estate<\/em><\/p><\/div>\n

Allianz Real Estate, the investment and asset manager for real estate within Allianz Group, continues to expand its Italian portfolio with the acquisition of a prime office asset in the central business district of Rome for approximately $225 million, or \u20ac200 million. Allianz is purchasing Arte 25, a multi-tenant office complex, from Omega Fund, a closed-end real estate fund managed by DeA Capital Real Estate SGR, and expects to close the deal this summer.<\/p>\n

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READ ALSO<\/strong>: What\u2019s Next for the Office Sector?<\/a><\/p>\n

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The transaction follows Allianz\u2019 May acquisition of Cr\u00e9dit Agricole Italia,<\/a> a prime office asset in Milan, Italy, for $154 million, or \u20ac140 million. The sale-leaseback deal was made on behalf of several Allianz group insurance companies and acquired through an existing fund structure managed by Kryalos SGR. That asset is composed of three interconnected buildings, totaling approximately 116,300 square feet.<\/p>\n

Arte 25 also comprises three buildings, although in this case they are separate structures. Originally built in the 1960s in the Esposizione Universale Roma area, it has been completely refurbished and is one of only two LEED Platinum-certified assets in Rome. The property has 12 floors with nearly 332,000 square feet, or 30,828 square meters, of leasable space. The asset is almost fully leased to a prime and diversified tenant base that generates stable and long-term cash flows.<\/p>\n

The city\u2019s EUR area has become an important financial and business district in Rome, hosting major firms including Microsoft, P&G, ENI and Poste Italiane. Initially laid out in the 1930s for the Universal expo, the EUR is also home to monuments such as the Palazzo della Civilta Italiana and institutions including the Museum of Roman Civilization. Donato Saponara, head of transactions for West Europe & country head of Italy for Allianz Real Estate, said in a prepared statement the firm expects the EUR to continue to attract quality domestic and international tenants over the long term and Arte 25 is well positioned to capitalize on that demand. He called Arte 25 one of the best office assets in Rome and noted the capital suffers from a shortage of high-quality and modern assets. The transaction represents a rare opportunity in Rome because of that lack of supply, he added.<\/p>\n

Growing its portfolio<\/strong><\/h2>\n

The firm is focused on building its Italian portfolio through the acquisition of prime assets in Rome and Milan, as well as out-of-town logistics facilities and select investments in alternative asset classes. Allianz\u2019s ground asset management team has also been managing a number of high-profile redevelopments in recent years. In Milan, the firm is repositioning Corso Italia 23, an architectural complex, and a new Radisson Collection property, Santa Sofia Milan. Both are expected to be completed in 2022. In Rome, the firm redeveloped Palazzo Marignoli in Piazza San Silvestro, a prime late 18th<\/sup> century building. In Trieste, it redeveloped a 20th<\/sup> century building in Piazza della Repubblica into a Hilton property that officially opened in January.<\/p>\n

Alexander Gebauer, CEO for West Europe, Allianz Real Estate, said in prepared remarks the firm plans to continue to focus on the highest quality redevelopments and acquisitions in European gateway cities. In March, Allianz Real Estate acquired an office building in Munich<\/a> for nearly $239 million, or \u20ac214 million. Expected to close later this year, the transaction was a sale-leaseback deal with German media conglomerate Bertelsmann. The asset has about 352,000 square feet divided across two interconnected buildings.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is acquiring a prime office asset in Rome\u2019s central business district in a deal slated to close this summer.<\/p>\n","protected":false},"author":1068,"featured_media":1004457241,"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-1004457238","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 Expands in Italy With $225M Buy - 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-expands-italian-footprint-with-225m-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allianz Real Estate Expands in Italy With $225M Buy\" \/>\n<meta property=\"og:description\" content=\"The company is acquiring a prime office asset in Rome\u2019s central business district in a deal slated to close this summer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/\" \/>\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=\"2020-06-18T12:17:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-18T14:51:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/viaDellArte25.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-expands-italian-footprint-with-225m-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/\",\"name\":\"Allianz Real Estate Expands in Italy With $225M Buy - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/viaDellArte25.jpg\",\"datePublished\":\"2020-06-18T12:17:35+00:00\",\"dateModified\":\"2020-06-18T14:51:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allianz-real-estate-expands-italian-footprint-with-225m-buy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/viaDellArte25.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/viaDellArte25.jpg\",\"width\":800,\"height\":620,\"caption\":\"Via Dell\u2019Arte 25. 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