Allianz and Columbia form US$1.26b US real estate venture
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co