Allianz Real Estate acquires two prime assets in Paris from Crédit Suisse (DE/FR)

Allianz Real Estate has announced that it has finalized the acquisition of two prime properties in the heart of Paris. The vendor is a property fund managed by Crédit Suisse. The acquisition price is around €184 million.


FLTR: Properties in Rue de Rivoli and Avenue Pierre 1er de Serbie.

The first asset is a single tenant office building totaling 6,275 m², that was fully restructured in 2007 at 31 avenue Pierre 1er de Serbie in the 16th district of Paris. The building is 100% let to Orrick Rambaud Martel, a renowned international law firm.

The second asset is a mix used property, fully restructured in 2005 totaling 6,505 m² at 88 rue de Rivoli in the 4th district of Paris. It is fully let, principally occupied by the high street retailers Zara and H&M, and including an office component and 28 parking units.

"We are very happy with this acquisition of 'core' assets which fits perfectly with our investment strategy. With this transaction, Allianz Real Estate France has achieved in 2010 a number of investments amounting to about €900 million, on track with our objectives," announces Olivier Wigniolle, CEO of Allianz Real Estate France.

The acquisition has been done on behalf of German companies of the Allianz Group, through a newly created fund structure (OPCI) managed by Immovalor, a subsidiary of Allianz.

In this transaction, Allianz Real Estate France was advised by the notary's office, Etude Bresjanac, while the vendor was advised by the notary's office Etude Thibierge.

Source: Allianz Real Estate

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