Allianz broadens its residential footprint with affordable housing portfolio acquisition
Munich, 01/25/2021
Allianz Real Estate, on behalf of several Allianz group companies, has acquired a 300-unit affordable housing portfolio for EUR 135 million in an off-market forward purchase from specialist developer Schultheiß Projektentwicklung AG. The portfolio‘s three assets, currently under development and due for completion by the end of 2022, are located in Nuremberg in the German state of Bavaria.
Copyright Schultheiß
With this acquisition, Allianz will help the city of Nuremberg reduce the significant supply and demand imbalance – currently there is a waiting list of some 8,000 applicants – for affordable housing.
In addition, contributing to the Allianz group‘s carbon neutrality ambition is an important part of Allianz Real Estate’s investment strategy. As such, during the first year of ownership, the assets acquired in this portfolio will undertake further development to ensure they are compliant with the CRREM decarbonization pathway and can therefore have a positive, long-term impact on the environment.
Annette Kröger, CEO Region North & Central Europe at Allianz Real Estate, said: “The Schultheiß portfolio is an excellent opportunity to gain traction in affordable housing where we see potential to scale up. At the same time, and as one of the world‘s largest investors in real estate, we have a responsibility to grow our portfolio through assets that have a positive environmental impact, which is why we will invest further into these properties so that the future tenants are housed in industry leading homes.
The assets are all well located within Nuremberg‘s public transportation network, with the city centre reachable within 10 minutes. Two of the assets lie in close proximity to each other in the vibrant district of Sündersbühl; the third is located in the southern district of Röthenbach-West – an area with multiple residential development projects recently completed or near completion, marking the site out as an up-and-coming area.
Nicole Pötsch, Head of Acquisitions & Sales for Region North & Central Europe at Allianz Real Estate, commented: “We have a strong track record of successfully diversifying into new sectors, geographies and via different investment styles and this first transaction in affordable housing in Germany is further evidence of that. Affordable housing as a sub-sector within residential is well suited to our long-term approach to investment due to the stable income component.“
Allianz Real Estate was advised by Clifford Chance, CBRE, BMP and KPMG.
Press Contact:
Phillip Lee
Senior Marketing & Communications Manager
When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.
"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road, Shanghai Tower, Pudong New District , Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.