Allianz acquires French logistics portfolio increasing its EUR 6.6bn exposure

Paris, Munich, 12/06/2019

  • AG Real Estate sold a portfolio of four French core logistics assets valued at EUR200m to Allianz.

  • This deal extends the relationship between Allianz Real Estate and AEW the global investor and asset manager of logistics portfolios, who will manage the assets.

Allianz Real Estate, acting on behalf of several Allianz group companies, has expanded its logistics footprint in France, acquiring a 100% stake in a core logistics portfolio.  The portfolio, consisting of four prime assets, represent excellent growth opportunities due to the local demand for high-quality distribution and logistics capabilities.

Allianz Real Estate has materially increased its exposure to the logistics sector over the last few years. Logistics accounted for EUR 6.6 billion of the firm’s global AUM as at 30 June 2019. In July this year it completed its first tranche of an EUR 80 million logistics portfolio in Italy, while in February it also acquired a Nordic logistics portfolio. More recently, the firm completed a EUR 232 million logistics purchase through a joint venture for assets located in Germany and Czech Republic. In Asia, the firm announced two partnerships in Japan and China, as well as an acquisition of a five-asset portfolio, also in China.

Today’s acquisition also builds on Allianz’s relationship with AEW, having announced in March that it had partnered with them to launch a new develop-to-core strategy focused on funding speculative developments within the UK logistics sector. In May Allianz also announced its first venture in this new partnership, which focuses on units of 200,000 sq ft or larger in prime locations in the UK.

“Our investments in grade A logistics portfolios in prime locations continue to grow, consolidating our position in a dynamic market, and we are delighted to have been able to strengthen our relationship with AEW, a trusted partner with rich experience in the French logistics market,” said Hugues Braconnier, Head of Logistics, Allianz Real Estate. “Logistics occupies a central role in our wider investment strategy and the acquisition represents the next step in creating a large logistics platform in France and across Europe.”

The four assets, located in Réau, Pont-d’Ain, Chaponnay and Onnaing, offer a total GLA (gross leasable area) of 188,000 sqm. Constructed between 2005 and 2018, each site offers excellent accessibility to the national motorway network and lies in close proximity to one of the three leading French cities: Paris, Lyon and Lille – within the country’s logistics ‘corridor’.

The portfolio is also well diversified with strong tenants, including CDiscount – an e-commerce leader in France. It also underlines Allianz Real Estate’s commitment to focus on sustainability and improved tenant-use as 72% of the net purchase price (NPP) is allocated in assets which have been given Green Certificate. Furthermore, the Réau asset is the 2018 Salon de l’lmmobilier d’Enterprise (SIMI) Grand Prix Winner in the logistics real estate category.

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