Allianz sells property portfolio to the Whitehall Funds for €1.7bn (DE)

Following the sale of a tranche of properties to IVG in August 2007, Allianz Immobilien GmbH has now sold a further portfolio of commercial property worth some €1.7 billion to subsidiaries of the Whitehall Funds, real estate funds sponsored and managed by Goldman Sachs. The sale was signed on 20th December 2007 and is expected to be finalized in the New Year.

"This transaction enables us to reduce our over-concentration on buildings in Germany, and at the same allows us to improve the structure of our remaining portfolio," said Karl Ralf Jung, Chairman of the Board of Allianz Immobilien GmbH.

Final preparations to the portfolio were made by Allianz Immobilien GmbH in fall this year and due diligence was carried out with a number of bidders. The portfolio consists of 190 office properties, including a number of buildings at smaller locations.

Jones Lang LaSalle has accompanied Allianz as transaction consultant.

Source: Allianz

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