Allianz Real Estate plans to boost its real estate investments in Austria and central and Eastern Europe to up to €5 billion within 10 years from the current €3 billion, with €500 million to be invested over the next two years, Bloomberg News reported, citing Regional Head Thomas Villadsen.

The property investment arm of German insurance giant Allianz Group is looking to capitalize on the office boom in the region, and will make investments in the residential and logistics market as well.

The company will focus on the capital cities of Warsaw, Prague, Bratislava, Budapest or Vienna, but will avoid southeastern Europe due to the high intensity of political and economic risks in that region, the news outlet added, citing Villadsen.