PARIS-Allianz SE, has agreed to buy a stake in five French shopping malls from Paris-based developer Altarea Cogedim for about $535 million (EURO 395M).
Allianz Real Estate will take a 49% stake in the malls, located in Paris, Toulouse, Gennevilliers and Toulon, according to a report Tuesday from Bloomberg.
Altarea will continue to manage the properties.
“This equity investment represents our most important investment in Europe for this year,” Allianz Real Estate CEO Olivier Piani said in a statement. The portfolio “illustrates the assets profile we are looking for and strengthens our real estate exposure in France.”
The centers are said to be valued at more than $1 billion.
Bloomberg notes that insurers and pension funds are buying European commercial properties as a way to boost returns amid near record-low interest rates.
Allianz, based in Munich, is Europe's largest insurance firm, and has bought stakes in office buildings in Italy, a high-rise in Frankfurt and a shopping mall in Poland this year.
Click Bloomberg to read the full story.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
