Allianz Real Estate, the property arm of the German insurer, grew its Asian business by more than a third to US$3.4bn (€3bn) in 2018.
The real estate investment manager inked a string of deals across the region last year, as part of a push to diversify its locations, asset classes, investment styles and structures, according to an announcement.
Allianz RE bought a 20% stake in Singapore’s Ocean Financial Centre for US$392m in December last year, a 50% stake in a Chinese logistics portfolio in November, and the ZLink office building in Beijing in July.
Olivier Téran (image: Allianz Real Estate)
The firm also backed the KaiLong Greater China Real Estate fund II, which is targeting value-add assets in China and Hong Kong, as well as an ESR-led logistics platform in India.
“While the office sector continues to be the foundation of our equity portfolio, particularly in Europe and in the US, we have continued to successfully diversify across sectors, including student housing globally and logistics, especially in Europe and in APAC,” said Allianz Real Estate CIO Olivier Téran.
“We continue using indirect strategies where appropriate to optimise our portfolio mix for the benefit of our investors primarily through higher risk strategies.”
Allianz RE’s total assets under management jumped 13% to €63.5bn last year, as the firm strives to reach €100bn in AUM by 2023.
Headquartered in Munich and Paris, Allianz RE is a subsidiary of major insurer Allianz.