Allianz pays €250m for mixed-use asset in Madrid

Allianz has acquired Castellana 200, a prime mixed-use office and retail asset located in Madrid, for €250million ($280 million).

“The planned acquisition of Castellana 200 gives Allianz Real Estate access to a commercially significant building. It underscores our focus on centrally located core assets, our commitment to work with prime partners, and our strategy for additional deals in Iberia, one of Europe’s most dynamic real estate markets,” said Miguel Torres, head of Iberia for Allianz Real Estate.

The deal is expected to close in the second half of 2019. Allianz Real Estate is acquiring the asset from an investment vehicle, majority owned by a subsidiary of the Public Sector Pension Investment Board, on behalf of several Allianz group insurance companies.

The deal represents a rare opportunity to acquire a prime building in Paseo de la Castellana, the most important street in Madrid’s central business district.

Castellana 200 is made up o