German insurer Allianz has purchased an 80 percent stake in Skyline Plaza in Frankfurt for €360 million, ahead of the mall’s opening in the autumn of 2013. Developers CA Immo and ECE are each retaining a 10 percent stake, according to the firms.
Stefan Brendgen, chief executive officer of Allianz Real Estate Germany, said the acquisition takes the insurer closer to its goal of increasing the retail share in its portfolio.
The Skyline Plaza is being built in Europaviertel, an emerging inner-city district close to the main railway station, the Frankfurter Messe exhibition centre and the banking district. Following its completion in autumn 2013, it will boast around 38,000 square metres of retail space on two levels with about 180 shops and other units, plus a multi-storey car park for 2,400 vehicles.
Allianz Real Estate was founded in 2007 as an international investment management company and branched out to the US in 2010, when it created Allianz Real Estate America.
Stefan Brendgen will be interviewed live on-stage by Robin Marriott the PERE Forum: Germany in Frankurt, 17-18 November
Join us in Frankfurt to hear Stefan’s take on this recent acquisition and Allianz’s future plans for the German real estate market.
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