Bishop’s Square is a grade A, six story, newly extended and refurbished office building in a prime location in the south of the CBD in the Irish capital. The property is fully let with approximately 85% of the rental income derived from highly rated, government-linked tenants such as Commissioners of Public Works in Ireland and Tourism Ireland Ltd, as well as strong tenants such as International Financial Data Services, and supported by a long term lease profile.
Roland Fuchs, Head of European Real Estate Finance for Allianz Real Estate, commented: “This investment represents a great opportunity to establish a new client relationship with a strong, experienced sponsor in GLL Real Estate Partners. It also underlines the strength of our prime pan-European lending strategy: the focus on high-quality sponsors, assets, locations and tenants means our investments will deliver value to our clients even in the volatile situation we find ourselves in today.”
Allianz Real Estate’s European debt portfolio continues to play a central role in the company’s strong performance, posting assets under management of EUR 8.7 billion at the end of 2019. The firm’s Luxembourg-based debt fund (PAREC), launched in mid-2018 to simplify access to European debt investments for Allianz group insurance companies, manages close to EUR 3 billion in assets as at the end of 2019.