MUNICH-Allianz Real Estate, based here, and San Francisco-based AMB Property Corp. have created a joint venture to acquire, own and operate industrial properties throughout Europe. The total equity commitment is $648 million.
The US-based firm is contributing $98 million to the venture. As of December, AMB’s portfolio in Europe totaled more than 15 million square feet of industrial sites.
Olivier Piani, Allianz CEO, said in a statement that his firm wanted to hire AMB for its expertise with logistic properties. “This joint venture is the largest we have done thus far, as well as our biggest foray into the logistics space. We see a lot of long-term opportunities,” Piani said.
Hamid Moghadam, chairman and CEO of AMB, tells GlobeSt.com that the venture is a critical step in the firm’s commitment to developing private capital ventures with leading global investors. “With this new venture we will seek opportunities to deploy capital across the Eurozone in markets that are vital to the global supply chain,” Moghadam says.
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