Allianz builds London exposure with first office equity investment

Allianz Real Estate, acting on behalf of several Allianz group companies, has increased its London exposure via its first office equity investment in the city, acquiring a 75 percent interest in a three-building portfolio owned by British Land, who will retain the remaining 25 percent as part of a joint venture. The purchase price was £401 million (€450 million/$548 million).

The three assets — 10 Portman Square, Marble Arch House and York House — are located in Marylebone in London’s West End. As one of the most stable office markets in the city with limited future supply compared with the rest of London, it will also benefit from close proximity to access to the Elizabeth Line. Constructed between 2007 and 2014, the fully let, 29,000-square-meter (312,000-square-foot) portfolio offers contemporary design in line with tenant requirements. The buildings are BREEAM certified and fulfill the CRREM benchmark.

This acquisition is the latest in building out Allianz