Allianz announced today the financing of the retail and office center 1111 Lincoln Road in Miami Beach, FL. Allianz is the sole lender on the first mortgage arranged for Universal-Investment on account of the fund’s sponsor, Bayerische Versorgungskammer (BVK), Germany’s largest pension fund.
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1111 Lincoln Road in Miami Beach, Florida (Photo: Allianz Real Estate)
Allianz Real Estate executed the transaction on behalf of its US Allianz insurance company investors. Universal-Investment is Germany’s leading real estate master KVG platform for institutional investors. With this investment, Allianz has further expanded its relationship with BVK and CBRE Global Investors. CBRE Global Investors acted as the investment advisor to Universal-Investment and BVK for this transaction.
“This transaction is representative of our goal to grow our portfolio and strengthen its diversity in terms of asset type and geographic location,” said Christoph Donner, CEO of Allianz Real Estate of America. “1111 Lincoln stands at the gateway to Lincoln Road’s pedestrian promenade and attracts both locals and visitors looking for the ultimate urban shopping, dining and parking experience. The property has a strong sponsor, is unique, and diversified in terms of its tenant base.”
Designed by Herzog & de Meuron, 1111 Lincoln Road combines retail, dining, commercial and parking in a single complex that serves as the Western Anchor of Lincoln Road in Miami Beach. This iconic property features 52,300 square feet (ca. 4,860 square meters) of modern retail and restaurant space occupied by well-known international tenants, 91,800 square feet (ca. 8,500 square meters) of creative office space, and 25,000 square (ca. 2,300 square meters) feet of event space boasting spectacular city and ocean views.
About Allianz
The Allianz Group is one of the world's
leading insurers and asset managers with more than 86 million retail and
corporate customers. Allianz customers benefit from a broad range of
personal and corporate insurance services, ranging from property, life
and health insurance to assistance services to credit insurance and
global business insurance. Allianz is one of the world’s largest
investors, managing over 650 billion euros on behalf of its insurance
customers while our asset managers Allianz Global Investors and PIMCO
manage an additional 1.4 trillion euros of third-party assets. Thanks to
our systematic integration of ecological and social criteria in our
business processes and investment decisions, we hold the leading
position in the Dow Jones Sustainability Index. In 2016, over
140,000 employees in more than 70 countries achieved total revenues of
122 billion euros and an operating profit of 11 billion euros for the
group.
About Allianz Real Estate
Allianz Real Estate is the
strategic center of expertise in real estate within the Allianz Group
and a leading international real estate investment and asset manager.
Allianz Real Estate develops and executes worldwide tailored portfolio
and investment strategies on behalf of the Allianz companies,
considering direct as well as indirect investments and real estate
loans. The operational management of investments and assets is currently
performed in seven international subsidiaries and hubs in Germany,
France, Switzerland, Italy, Spain, USA and Singapore. The headquarters
of Allianz Real Estate are located in Munich and Paris. Allianz Real
Estate has approximately 53 billion euros in assets under management.
These assessments are, as always, subject to the disclaimer provided below.
About Bayerische Versorgungskammer
Bayerische
Versorgungskammer is the competence and service center for occupational
and communal pension schemes and Germany's largest pension scheme group
under public law. As a public authority of the Bavarian Ministry of the
Interior, it is the joint executive body of twelve liberal professions´
and communal pension schemes. Bayerische Versorgungskammer covers about
2.2 million insured persons in total, with contributions of € 4.4
billion and € 3.2 billion pension payments annually. It currently has €
69 billion assets under management and more than 1,200 employees. Visit www.versorgungskammer.de
for more information.
About Universal-Investment
With fund assets in excess of
about EUR 327 billion under administration, thereof EUR 272 billion in
own vehicles, over 1,000 funds and investment mandates and a workforce
of around 650, Universal-Investment is the largest independent
investment company in German-spoken Europe. The focus lies on the
efficient and transparent administration of funds, securities, real
estate and alternative asset classes. The 1968 founded company is
headquartered in Frankfurt/Main and has subsidiaries and holdings in
Luxemburg and Austria. As pioneer of the investment industry
Universal-Investment is now market leader in the areas of master-KVG and
private label funds. Owing to the strong growth since starting the real
estate business in 2011, Universal-Investment established itself as
largest companies for institutional open-ended real estate funds in
Germany. According to the 2017 PwC ManCo Survey, Universal-Investment is
the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos,
Universal-Investment ranks in second place. (As per 31 August 2017)
More information on www.universal-investment.com
About CBRE Global Investors
CBRE Global Investors is a
global real asset investment management firm with $98.9 billion in
assets under management* on a combined pro forma basis, as of June 30,
2017, to reflect the completion of the acquisition of a majority stake
in Caledon Capital Management Inc.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
Cautionary note regarding forward-looking statements
The
statements contained herein may include prospects, statements of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and unknown
risks and uncertainties. Actual results, performance or events may
differ materially from those expressed or implied in such
forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
No duty to update
The company assumes no obligation to
update any information or forward-looking statement contained herein,
save for any information required to be disclosed by law.
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Contacts:
Roland Deger, +49 89 3800 8234
roland.deger@allianz.com