PARIS—Allianz Real Estate has tapped Francois Trausch, currently head of the Asia-Pacific region for GE Capital Real Estate, as its next CEO, effective Jan. 1. Trausch, who will be based in Paris, will succeed Olivier Piani, who is retiring at year's end.

Property Investor Europe reported earlier this month that Trausch had been expected to take the CEO's job for the Munich-based insurer and asset manager's real estate platform. He has served in his present capacity with GE Capital Real Estate since 2010, and also serves as president and CEO for GE Capital Real Estate Japan.

Trausch held earlier GE leadership roles in Western Europe and France, and had previous assignments in risk, investments and asset management. Before joining GE in 1996, he worked for Goldman Sachs in London and for Tishman Speyer Properties in New York City and Berlin.

The change in leadership comes as Allianz is looking to boost its real asset exposure by more than half. PIE reported that CIO Olivier Téran told a briefing at the Exo Real conference that the company was seeking real asset exposure of €110 billion, up from €70 billion at present. “The group has a soft target of €60 billion in real estate by 2019, including equity and debt side,” he reportedly told his audience.