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Lazari secures £400 million Allianz loan for London office portfolio

Allianz Real Estate has expanded its European debt portfolio with the provision of a £400m (€440m) loan in London, in a deal which represents the manager’s largest single-loan debt transaction in Europe.

The manager, through its Luxembourg-based debt fund PAREC, has financed a 630,000sqft portfolio of five central London offices owned by Lazari Investments.
The deal is the first transaction between Allianz and the Lazari and Allianz’s seventh debt transaction in London and it is the third since it opened its London office in June last year.

With this transaction, the Allianz debt fund now has approximately €3.4bn in assets under management.

Shripal Shah, head of debt origination - London, Allianz Real Estate, said: “This portfolio of five prime freehold central London offices reaffirms our commitment to the London market and its importance in driving our long-term investment strategy.

“Despite the current environment, the UK market continues to offer excellent opportunities for investment, with London, in particular, remaining one of Europe’s most active and attractive property markets.”

Source: realassets.ipe.com on 16 September (https://realassets.ipe.com/news/lazari-secures-400m-allianz-loan-for-london-office-portfolio/10047820.article)