Allianz, the German insurance firm which this week announced the sale of Dresdner Bank for €9.8 billion ($14 billion), has bought a 25 percent stake in a New York office building at 1301 Avenue of the Americas.
Allianz has co-invested $110 million in the 45-story office tower alongside equity partner, New York-based real estate firm, Paramount Group, it said in a statement.
“With this investment we are continuing the diversification of our real estate portfolio on a global basis,” said Ronald Weidner, chief investment officer of Allianz Real Estate, who was responsible for closing the deal. New York, he added, remained “one of the world’s most attractive markets.”
The deal comes as Allianz beefs up its team ahead of further global acquisitions. Over the summer, Blackrock’s London-based fund of funds real estate professional Matthew Ryall joined the firm to head up Allianz’s multi-fund strategy. His appointment was revealed a week after the company said it had recruited Olivier Piani as its global head of real estate. Piani, the current chief executive of European real estate at GE Real Estate, will take up the role in October and be responsible for creating a global property investment platform under subsidiary, Allianz Alternative Assets.
Allianz currently has around €20 billion of real estate under management.