Allianz Real Estate, with its joint-venture partner, UK property developer Hammerson, is to acquire the Project Jewel portfolio of loans secured against retail assets in Dublin, Ireland, including Dundrum Town Centre, the country's major shopping and leisure centre.
The deal was struck with Ireland's National Asset Management Agency (NAMA).
Allianz said its investment totals €900m ($1m). Hammerson said its share of the acquisition is €1.23bn. According to NAMA, the par value of the loans is about €2.6bn.
"Our investment into Project Jewel is an important step to a further diversification of Allianz´s real estate portfolio," said Annette Kröger, CEO of Allianz Real Estate Germany. "It is a very attractive opportunity to get exposure to the dynamic Irish market. We are pleased to co-operate again with Hammerson as our JV partner."
Opened in 2005, Dundrum, five kilometers south of Dublin, has 120 retail shops, 38 restaurants, a 12-screen VIP cinema and a 3,000-space customer car park. Stores include House of Fraser, M&S, Harvey Nichols and Penney's.
People:Annette Kröger