Allianz Real Estate and AMB Property Corporation have formed a €470 million joint venture targeting logistics deals in the Eurozone.
Allianz will invest €400 million in the venture, while AMB will co-invest €70 million or 15 percent of the equity total, the firms said in a statement. The venture will be structured through a Luxembourg FCP-FIS fund.
Olivier Piani, chief executive officer of Allianz Real Estate, said the JV was its largest “thus far” and the biggest foray it had made in the logistics space. “We see a lot of long-term opportunities and are excited to move forward,” he said, adding: “It is [our] strategy to invest indirectly in regions or niches where we do not have adequate expertise on our own.”
AMB currently manages nine private co-investment ventures, including two open-ended funds, two private equity real estate commingled funds and four separate account JVs, as well as one of the first real estate vehicles to raise capital from Mexico’s Afores system of private pension funds.
Hamid Moghadam, AMB’s chairman and chief executive, said the Allianz JV was a “critical step in … developing private capital ventures with leading global investors.”
In January, AMB and rival industrial developer and fund manager ProLogis agreed to merge in a deal that will create a $14 billion REIT and the largest logistics landlord in the world. Both companies have large US holdings. ProLogis also has a sizeable footprint in the UK, Central and Eastern Europe, while AMB has a large exposure to Brazil and China.
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