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Allianz JV buys 2 Paris office developments for €416M

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Allianz JV buys 2 Paris office developments for €416M

Allianz Real Estate bought two manage-to-core office developments in Saint-Ouen, Paris, in separate 50/50 joint venture deals with an undisclosed French public financial institution for €415.6 million.

The Allianz SE unit said it acquired the assets on behalf of several Allianz group companies.

BNP Promotion and Emerige SA are developing the roughly 60,000-square-meter business complex, with completions slated for the second and fourth quarters of 2021.