Allianz Real Estate America, the newly-formed arm of real estate investment and asset manager Allianz Real Estate, has appointed former GE Real Estate director James Stolpestad as its chief executive officer.
The new division, with offices to be based in New York, will continue Allianz’s investment focus on core and core-plus office, retail and multifamily properties in the US.
In his previous post, Stolpestad was responsible for managing GE Real Estate’s office, retail, multifamily and hotel assets and leading its retail investment strategies in the US.
Allianz Real Estate chief executive officer Olivier Piani said in a company statement that the appointment of Stolpestad was a step forward in developing the firm’s North American footprint, and that Allianz expects the US to become an increasingly important market for the company as economic fundamentals in the region improve.
Allianz Real Estate currently manages approximately €17 billion ($22.5 billion) of real estate assets worldwide, but aims to increase its allocation to €30 billion ($39.8 billion) over the next few years.
Soon to join Stoplestad in the New York offices will be Sunitha Amalraj, currently a member of the investment team of Allianz Real Estate in Munich.