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Allianz returns to Austrian offices

The German insurance powerhouse has acquired an office building in Vienna for around €94 million, its first investment in Austria in recent years.

The real estate arm of German insurance powerhouse Allianz has returned to the Austrian office market with the €94 million acquisition of Vienna’s 'Haus an der Wien'.

“Through this investment in the Austrian capital, we are returning to the Viennese office market,” said Annette Kröger, chief executive of Allianz Real Estate Germany. “The investment is very attractive and contributes to an even broader diversification of our real estate portfolio.”

The Haus an der Wien office building was originally built in 1965 but was completely renovated in 2012. The building offers around 154,000 square feet of office space across eight floors and 90 parking spaces. The property is almost entirely rented out to companies such as Group M, Der Standard, Österreich Werbung and BNP Paribas.

The acquisition comes just one week after Allianz announced a change in senior leadership. The insurer named Francois Trausch as its new chief executive officer, starting in January 2016.

Trausch, who has been CEO Asia-Pacific of GE Capital Real Estate since 2010, is replacing the retiring Olivier Piani.

The hire of Trausch is the latest in a series of changes that Allianz has made to its leadership team. Back in January the insurer appointed Olivier Téran chief investment officer. Téran joined the German insurance giant back in 2008 in a special projects role before becoming global head of portfolio management.

Then in July, Allianz hired Barbara Koreniouguine as chief executive of Allianz Real Estate France. Koreniouguine, who joined from BNP Paribas Real Estate, is responsible for Allianz’s real estate activities in France, Belgium and the Netherlands.