Among the notable insurer stories in the last year was Allianz, runner-up to Middle East sovereign wealth fund ADIA, and Dutch pension fund APG in the ranking, joining its insurance peers in investing equity via third-party arrangements for the first time.
Swiss Life buys €1.7bn Paris office portfolio
Buyer: Swiss Life Asset Management
What to know: Switzerland’s largest life insurer made a significant purchase in European core real estate by securing a prime office portfolio in Paris through its asset management arm Swiss Life Asset Management this May. The manager acquired a total of 28 core office buildings from French real estate investment trust company Terreïs, mainly in the central business district in Paris.
AXA’s purchase of Northstar Realty Europe
Buyer: AXA IM-Real Assets
Seller: Northstar Realty Europe
What to know: The investment arm of the French insurer ramped up its exposure to prime European offices by acquiring the NYSE-listed Northstar Realty Europe. The acquisition came as part of the manager’s core strategy for one of its clients. This single deal gave AXA IM access to the €1.1 billion real estate portfolio of 12 office properties and two hotel assets in key cities in Germany, the UK and France.
Allianz RE, AXA and Scape ready A$1.5bn student housing fund
Buyer: Allianz RE, AXA Group
Price: Allianz RE and AXA commit a total of A$700m ($480m; €431m)
What to know: Two of the GI 50’s biggest insurers teamed up with student accommodation specialist Scape in September to set up a A$1.5 billion core Australian student accommodation fund to capture the rising multifamily opportunities in Australia. The vehicle is expected to grow the portfolio to a value of A$4 billion.
Allianz RE partners with Gaw Capital in Singapore
Buyer: Allianz RE, Gaw Capital Partners
Seller: M+S, a joint venture between Malaysia’s Khazanah Nasional Berhad and Singapore’s Temasek Holdings
Price: S$1.bn ($1.2bn; €1.1bn)
What to know: As part of its portfolio expansion in what it dubs ‘24/7 megacities,’ Allianz joined Gaw Capital Partners to acquire a premium grade-A office asset with ancillary retail DUO Tower and DUO Galleria in Singapore in July 2019. Owning a 60 percent stake in the asset, the insurer manages the property jointly with Gaw Capital.
Allianz RE acquires office development EDGE East Side Berlin
Buyer: Allianz RE, Bayerische Versorgungskammer
Seller: EDGE Technologies
Allianz RE made its first equity investment with third-party capital in a JV with Germany’s biggest pension provider, Bayerische Versorgungskammer. The equity commitment to the venture was reportedly around €400 million where the two will split on a 50:50 basis.