Allianz Alternative Assets has revealed a move to create a global property investment platform and has poached GE Real Estate’s head of Europe, Olivier Piani, to become its head of real estate.
The German insurer, which has €20 billion ($31 billion) of real estate under management, said Piani would take up his position as global head of real estate from October and would establish and implement a global real estate platform by combining its real estate units under one roof.
Allianz Alternative Assets is part of Allianz's asset management buisness, Allianz Global Investors, whose chief executive is Joachim Faber.
Piani is credited with building up GE’s real estate investments in Europe having started with the firm as general manager of real estate in France in 1998. News of his departure comes less than a week after GE announced it had promoted the firm’s general counsel, Thierry Leleu, to managing director in Europe of the US firm’s new property investment division.