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Sign in Sign up for a FREE subscriptionAllianz completes Germany real estate debt deal, increases debt fund to €1.5b
Allianz Real Estate has completed a prime real estate debt deal in Germany as sole lender, taking its debt fund to €1.5 billion ($1.7 billion) in deployed capital.
On behalf of investors in its Luxembourg-based debt fund, Allianz Real Estate, completed the refinancing of existing debt for Gropius Passagen in Berlin for €230 million ($258 million) for a seven-year term.
The deal also strengthens Allianz Real Estate’s existing relationship with Nuveen, which owns 80 percent of the property via a joint venture, together with Unibail Rodamco Westfield.
Gropius Passagen is one of the largest shopping centers in Berlin. A five-year refurbishment program is due to complete in 2020, which will see the property fully modernized with a mix of national and international top brands, a newly created food court, and a multiplex cinema. The center’s turnover was €237 million ($266 million) in 2018 and is expected to increase