Allianz buys Italian real estate fund from Blackstone

Allianz Real Estate has acquired a real estate fund called Kensington, which comprises two office properties in Milan. The fund was sold by Blackstone Real Estate Partners Europe to a group of German Allianz entities.

With the acquisition of 100 percent of the fund, Allianz’s portfolio now includes two additional real estate properties: Porta Nuova 21 and Gioia 26, both located in Milan’s central business district.

“With Milan as a gateway city and the right rental assets for the tenants, Kensington provides Allianz with access to attractive properties that deliver stable returns to our customers,” said Mauro Montagner, CEO of Allianz Real Estate Southern Europe.

Transaction volume in Italy in 2017 should reach the highest level of the past 10 years, according to Colliers. Investment volume in Italy totaled €5 billion ($5.9 billion) in the first half