Allianz to invest €140 million in IPUT (IE/DE)

Munich-headquartered global financial services group, Allianz, has committed to invest €140 million in IPUT, the investment vehicle of choice for commercial real estate in Ireland. IPUT funds under management now total €1.2 billion, primarily invested in prime large scale commercial office and retail properties located in Dublin’s Central Business District.
Commenting, Allianz Chief Investment Officer Charles Pridgeon, said: "As the economic recovery in Ireland takes hold, supporting improving demand particularly in the domestic economy, we see the potential for strong long term income returns at attractive levels for our stakeholders. IPUT's long term investment strategy and approach coincides with our own and we are looking forward to an ongoing and mutually beneficial relationship in the interests of our respective stakeholders."
Commenting, IPUT plc CEO Niall Gaffney said: "We are delighted that Allianz has chosen IPUT to partner on its first investment in real estate in Ireland. It is very encouraging that global groups of the standing of Allianz are selecting IPUT as their investment fund of choice in this market.
It also supports our corporate strategy to diversify IPUT’s shareholder base from pure Irish domestic pension funds to a broader audience of international institutional investors.”
Mr. Gaffney added: “This Allianz investment now brings the total investment funds under management by IPUT to €1.2 billion which is in line with our projections for 2014. This investment in IPUT coincides with a period when interesting opportunities of institutional-grade quality are starting to materialize in the Irish market. As long term investors, IPUT will continue to take a pragmatic and strategic approach to the opportunities we pursue."
Source: FTI Consulting