Our French Capital Markets team have advised Allianz Real Estate on an €800 m joint venture with Altarea Cogedim in France’s biggest retail investment deal this year. Bruno Ancelin, Head of Retail Investment, and Antoine Grignon, Partner, led the instruction.
Allianz Real Estate will establish a long-term partnership with Altarea Cogedim on five core shopping centres in France owned and managed by Altarea.
This equity investment makes it possible for Allianz to increase its exposure to commercial property in France with a first-rate operational partner, and forms part of Allianz Group's strategy of increasing real estate allocations.
The portfolio includes Bercy Village, Toulouse Gramont, the Gare de l'Est boutiques, Espace Chanteraines in Gennevilliers, as well as the Toulon - La Valette development project, representing a total asset value of more than €800 million. The partnership will see German insurance companies in the Allianz Group taking a 49% minority stake in the companies that own the properties, representing a total investment of €395 million. Altarea Cogedim will maintain control and management of the properties in the portfolio.