Allianz Real Estate, on behalf of various Allianz companies, is providing a loan for the acquisition by Starwood Property Trust of a diversified portfolio of 11 office buildings and one residential property in Dublin.
Morgan Stanley Bank arranged a loan of about €300m ($336m), with the Allianz companies' share amounting to about €150m.
The portfolio represents a gross lettable area of about 55,800 sq m. Allianz Real Estate said the assets are all located in a thriving area in the city centre of Dublin and are almost all let to high quality credit-rated or government-linked tenants.
The deal is the first debt investment for Allianz Real Estate in Ireland. The company added that it intends to expand futher its commercial real estate finance business in Europe.
Allianz's first mortgage loans were in the US but in 2011 Allianz Real Estate was mandated by the group to expand its loan business into Europe, starting in Germany and France. Since end 2014/beginning 2015, Allianz Real Estate has started to provide loans in Spain and the Netherlands.
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