USA: Allianz wants to invest €800mn through co-investments
Allianz Real Estate has entered into a partnership for US investments. The insurer’s US-based subsidiary and Manulife Asset Management Private Markets, a unit of Canada-based financial services company Manulife, intend to invest up to $1bn (about €810mn) in US real estate. As part of this co-investment project, a US subsidiary of Manulife has already sold 80% of its shares in two office buildings to Allianz. Manulife retains a 20% stake and will continue to manage both buildings. The properties are 191 North Wacker Drive in downtown Chicago, which includes 68,000 sqm of office space on 37 floors, and 1100 New York Ave in Washington DC encompassing 43,600 sqm of office space on two floors.
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