Allianz has acquired the Trimaran and Element buildings, two office developments in Prague for a total of €110m ($126m).
The transaction was carried out by its real estate investment and asset manager Allianz Real Estate on behalf of several Allianz companies. Allianz bought the properties from Austrian developer S+B Gruppe.
This is the second deal made in the Czech Republic, following a €100m loan to logistics firm CTP Property to help develop a €160m logistics portfolio in the country.
Allianz has expressed interests in Central and Eastern Europe (CEE) in the past. In March, it opened an office in Vienna to strengthen its presence in the region.
Annette Kröger, chief executive of North & Central Europe at Allianz Real Estate, said the company is focused on capitalising with additional deals in the Czech Republic and the wider region in 2019.
People:Annette Kröger