Allianz Real Estate France has agreed a €163.4 million long-term loan provided by insurance subsidiaries of the group to finance a portfolio of nine French office buildings.
The loan has been written for 20 years to French REIT Eurosic. The facility has a fixed rate at an all-in cost of 2.78 percent and reflects a loan-to-value ratio of 55 percent.
The finance was provided by three Allianz insurance group companies; Allianz Leben, the group’s German life insurer, Paris-based Allianz Vie, and Italian subsidiary Allianz SpA.
The portfolio comprises eight core office buildings located in Paris, as well as an office building located in the southern Parisian suburb of Montrouge.
The borrower, Eurosic, is a real estate investment trust listed on Euronext Paris. The firm owns and manages EUR 2.6 billion of assets.
Allianz has had an active year in the real estate finance market. By October, its Allianz Real Estate division had underwritten €1.15 billion of new loans in Europe, taking its European debt investments to a total of €3.3 billion. The portfolio is comprised of debt investments across France, Germany, the Netherlands, Spain, Italy, Belgium, Sweden, Ireland, UK and Austria.
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