Allianz Immobilien to reinforce investments in Europe

Allianz Immobilien GmbH has presented its report of the fiscal year 2003. It revealed a current value of € 18.3 billion in the home and foreign real estate market, with 20,500 residences, 3,900 retail units, 6,800 offices and 7,300 other rental units. Over the whole fiscal year 2003 the Allianz Immobilien property sale reached approximately € 300 million.

The total investment of newly acquired buildings amounted to € 112 million. Furthermore, Allianz Immobilien reinforced its share of foreign property with investments in Brussels, Prague and Paris. The company continued its strategy of pan-European investments in 2003 with an acquisition in Amsterdam.

Investments in several large projects
Apart from the pan-European alignment of the real estate portfolio Allianz Immobilien invested € 231 million in several new development projects last year. Four agreements of intent were signed in 2003. Seven other projects, amongst which the Europa Passage in Hamburg (DE) and the Broadway Office in Düsseldorf (DE), are still under construction and will advance the investments to approximately € 433 million in the coming years.

In 2003, the rental areas of Allianz Immobilien consisted of 108,000 m² of office space, 37,000 m² of retail space and 122,000 m² of residential space. This yields a rental quota of 94.9% at the end of 2003.

Source: Immobilienmanager

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