Allianz Real Estate has completed the acquisition of 100% of the shares of the real estate fund “Kensington”, under the name and on behalf of several German companies of the Allianz group. The fund is managed by Kryalos Sgr and has been sold by the real estate funds controlled by Blackstone Real Estate Partners Europe (with the assistance of the advisor Vitale&Co). With this acquisition, Allianz adds two new primary properties located in the Porta Nuova area in Milan, “Gioia 26” and “Porta Nuova 21”. The former, in number 26 of Via Melchiorre Gioia, accommodates the Italian headquarters of General Electric, Gilead, and Multi Corporation. The latter, located in number 21 of Bastioni di Porta Nuova, will accommodate Spaces, a company of the Regus group (flexible spaces for companies). “Kensington will allow Allianz to access a new type of owners that we consider very interesting in terms of steady returns to our investors, for the intrinsic characteristics of the properties as well as for the target these properties can interest to. Milan confirms its key role in Europe”, comments Mauro Montagner, Allianz Real Estate Southern Europe Ceo.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi