Allianz and Columbia form US$1.26b US real estate venture
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New York
ALLIANZ SE, Europe's biggest insurer, is partnering with Columbia Property Trust Inc to create a US$1.26 billion joint venture for US real estate.
The German insurer contributed an office tower at 114 Fifth Ave in Manhattan that's valued at US$220 million to the partnership, Allianz's real estate unit said in a statement on Thursday. Columbia added University Circle, a US$540 million office complex in Palo Alto, California, and 333 Market St, an office tower in San Francisco's financial district valued at US$500 million.
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