Allianz Seeking EUR 1.5 Billion Sale Leaseback of 10 Office Buildings

Forbes - July 9, 2007

IVG Immobilien AG, Babcock & Brown and Tishman Speyer are bidding for part of a 3.5 bln eur real estate portfolio offered by Allianz SE, Financial Times Deutschland reported, citing sources close to the negotiations.

Allianz plans to initially sell a 1.5 bln eur chunk of the portfolio, comprising 10 office buildings that the company aims to sell in a sale-and-leaseback deal, the newspaper said. The German insurer has commissioned Rothschild to find a buyer for the assets, it said. A decision will likely be made in 'a few weeks,' it cited market sources as saying.

The remaining 2 bln eur of assets in the portfolio, comprising almost 200 commercial properties in Germany, has attracted the interest of Goldman Sachs's Whitehall real estate fund as well as Morgan Stanley Real Estate Funds, FT Deutschland said, citing industry sources. The assets, which are being sold through Jones Lang LaSalle, are expected to be sold in August at the earliest, it said. Sphere: Related Content