IVG Private Funds: New fund to invest in headquarters of Allianz-Deutschland AG (DE)

IVG Private Funds is launching a new closed-end real estate fund: EuroSelect 21 Munich. The new fund will invest in Allianz's largest German site in Unterföhring (Munich district), consisting of a central administrative building and an operations building.

The latter is also home to the group's largest data center worldwide. The two buildings, which have total floor space of around 131,000 m², are let to Allianz until at least 31 December 2024 under the terms of an indexed rental agreement. The forecast annual payments are 5.5%.

More than €50 million of the planned fund volume of around €205 million has been successfully placed since the start of January.

Germany's largest insurance company as tenant
"The attractive location, the quality of the building and the financial standing and future prospects of the tenant mean that investors can obtain stable yields," commented Christian Kühni, member of the Board of Management of IVG Immobilien AG.

Allianz Deutschland AG bundles Allianz's German insurance business (property, health and life insurance). Allianz is the market leader in Germany and one of the world's largest insurance companies. In 2010, it generated annual revenues of more than €28 billion.

Over the past 20 years, Allianz has successively established Unterföhring as its largest site in Germany. It is currently home to around 6,300 employees, with a further 1,500 set to move to the location by 2014. Unterföhring is situated halfway between central Munich and Franz Josef Strauss Airport. It is extremely well connected to the motorway network and can be reached quickly using the S8 commuter train line. The building is located immediately next to Unterföhring station.

The central administrative building, which Allianz moved into in 2004, has 65,000 m² of office and conference space and 926 underground parking spaces. The operations building, with floor space of around 65,000 m², is home to Allianz's printing and data centers. The site performs Europe-wide IT infrastructure services for the Allianz Group and also boasts one of Germany's largest digital print shops.

Source: IVG Immobilien AG

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