14 February 2017 – IPE Real Estate
Allianz Real Estate has entered Spain’s office market by issuing a €155m loan.
The German institution took part in a €395m financing for Spanish property company La Finca.
The loan is the third real estate debt transaction by Allianz Real Estate in Spain and its first office loan in the Spanish market.
Allianz opened its office in Spain late last year.
Its head of Iberia, Miguel Torres, said: “Over more than 40 years, Grupo La Finca has demonstrated its capacity to develop high-quality offices, endowed with the conditions demanded by the companies of today, so we are fully confident in the value of our investment, and we hope to expand our relationship with them in the long term.”
La Finca owns around 230,000 sqm of assets, with an average occupancy rate of 90% leased to a range of tenants.
The firm will focus on managing and growing its existing portfolio whilst refinancing older facilities.
Original story: IPE Real Estate
Edited by: Carmel Drake