Allianz invests €100m in Hines European value fund

Allianz has committed €100m million ($116 million) to the Hines European Value Fund.

“Europe remains a key focus of our investment strategy,” said Olivier Téran, Allianz Real Estate CIO. “Finding good opportunities at reasonable yields is getting more and more difficult, especially in top-tier cities. Our new partnership with Hines will increase our exposure to Pan European Value Add sector and consequentially provides investors with superior returns that can be achieved by repositioning and redeveloping assets.”

The fund held a €326 million ($378 million) first close in July. The firm plans to hold a close by the end of the year. It has a €500 million ($579 million) fundraising target.

The fund invests in office and retail sectors in top-tier cities in the major markets of Western Europe.