Allianz Real Estate Appoints Two Execs to Grow US Business
Michael Cale joins as US co-head of debt investments and Karen Horstmann will be the US head of equity acquisitions.
NEW YORK CITY—Allianz Real Estate, the $72.3 billion real estate investment and asset manager of the Allianz Group, has appointed two executives to expand its US business. Michael Cale will be the US co-head of debt investments and Karen Horstmann will join the firm as the US head of equity acquisitions. Both of them will report to Christopher Donner, CEO of Allianz Real Estate of America.
Coming from Voya Investment Management where he was the SVP, head of capital markets, Cale will bring 18 years of experience when he comes to Allianz in July. With co-head Mike Krawiec, Cale will oversee underwriting and structuring, overall portfolio allocation and investor management for the $13 billion commercial real estate loan business.
Starting September 2019, Karen Horstmann will lead Allianz Real Estate’s equity acquisitions team from the New York office. She will join the team shortly after the announcement of Allianz’s second acquisition in the Hudson Yards development. Horstmann has 20 years of experience in global real estate, most recently as a portfolio manager at Norges Bank Investment Management.
“Allianz is committed to growing its portfolio in North America and both Karen and Michael will play key roles in the accomplishment of this growth plan,” says Donner. “Our European investors are looking to diversify their equity portfolios through further investment in the United States’ abundant 24/7 gateway cities. Karen’s strategic experience with fiduciary based European investors places her in an ideal position to lead and grow our equity acquisition team.”
He adds that Allianz Real Estate’s US investors have tasked them to deploy approximately $2 billion each year and to explore additional opportunities that fit their risk and return profiles.
Since the beginning of 2018, Allianz Real Estate has deployed $2.4 billion of commercial debt financing and $1.5 billion in equity deals in the US. Its high-profile debt deals include 200 Occidental in Seattle, the BDO industrial portfolio in Ogden, UT and the Promenade at Downey in the Los Angeles metropolitan area. The company has also announced acquisitions of a number of high profile buildings: 30 Hudson Yards, the Terminal Stores and 1515 Broadway in New York, San Francisco’s Ferry Building and 53 State Street in Boston.