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ALLIANZ SE

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Allianz : Real Estate's European debt program closes record 2021 with multiple flagship transactions in France

01/21/2022 | 08:53am EDT

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Allianz Real Estate

Communications

Media release

Allianz Real Estate's European debt program closes record 2021 with multiple flagship transactions in France

Munich/ Paris. 21 January 2022

Allianz Real Estate, acting on behalf of several Allianz Group and third-party companies, delivered c. EUR 2.2 billion in new loan production in Europe across 2021, the highest annual volume for the firm in Europe to date. The record financing volume, split roughly equal between core and transitional loans, means overall assets under management in its European debt portfolio exceeded EUR 11 billion at the end of the year.

The firm's financing platform continues to be active in 12 European countries, diversified across the office, logistics, residential and retail sectors. Around two thirds of the EUR 2.2 billion in new loans in 2021 were eligible to be classified as 'green loans', underscoring the increased focus on sustainability and ESG criteria across Allianz Real Estate's debt business. This strategic priority supports the firm's overall ESG program and its decarbonization target to be net zero by 2050.

Allianz Real Estate concluded the year with multiple transactions in one of its historically core markets, France, in particular Paris. The firm provided an acquisition facility for an office campus in Paris-Meudon and EUR 95 million financing to the ICAWOOD fund for an office acquisition and refurbishment in Paris-Clichy. These loans were in addition to the EUR 466 million loan to a consortium of borrowers for the refinancing of a prime retail portfolio, predominantly located in Paris and Brussels, the largest European debt deal for Allianz Real Estate in 2021. A EUR 127 million green development loan was provided to the French group Apsys for the construction of a future-fit and state-of-the art retail and lifestyle center in Grenoble.

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Allianz Real Estate

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Further Paris exposure was added earlier in 2021 through a major facility to JP Morgan AM and Altarea Entreprise for the acquisition and redevelopment of seven office assets near Opéra Garnier.

The increase in transitional and development financing, as well as the increase in ESG-eligible green loans, was a deliberate strategic decision of Allianz Real Estate to finance more future- oriented assets. In particular, this includes assets with a clear focus on sustainable operations and qualities such as superior user experience.

Qualifying green loans in 2021 included EUR 161 million to Canary Wharf Group for the financing of 10 George Street in Canary Wharf, London - Allianz Real Estate's first single-asset Private Rented Sector (PRS) debt transaction in Europe. Further transactions included the EUR 300 million loan to Arminius Group for the acquisition of the Grand Campus in Frankfurt; and a GBP 240 million facility to BentallGreenOak to support the development of a build -to-core portfolio of eight prime logistics assets in the UK.

The year also saw the successful increase of third-party volume under Allianz Real Estate's Luxembourg-based European debt fund, PAREC. New third-party capital flows into the fund from BVK and a further likeminded investor group reached EUR 610 million for the year, bringing total third-party commitments to almost EUR 1 billion for investing alongside Allianz.

Roland Fuchs, Head of European Real Estate Finance at Allianz Real Estate said: "2021 was the strongest year yet for us in terms of new loan production, and we expect continued demand in 2022 across our 12 markets given the firm's unparalleled positioning in Europe and our deep funding appetite. The ongoing evolution of our Luxembourg debt fund also underscores the success of our 'invest alongside Allianz' client approach.

"Our disciplined focus on prime assets, borrowers and sponsors as well as our best-in-class ESG approach has enabled us to enhance our diversified, high-quality debt portfolio and deliver

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significant growth in 2021. We remain one of the few lenders able to provide large-scale financing, from EUR 100 million to over EUR 500 million, to major borrowers and institutions across multiple sectors. Looking ahead, we expect ESG factors to grow further in significance and we are very well positioned to meet this market need."

- End -

Allianz enquiries:

Allianz Real Estate

Phillip Lee

+49 89 3800 8234 phillip.lee@allianz.com

Citigate Dewe Rogerson (UK)

Hugh Fasken / Camilla Wyatt / Patrick Evans

AllCDRUKAllianzRealEstate@citigatedewerogerson.com

About Allianz Real Estate and PIMCO

Allianz Real Estate is a PIMCO Company, comprising Allianz Real Estate GmbH and Allianz Real Est ate of America and their subsidiaries and affiliates. It is one of the world's largest real estate investment managers, developing and executing tailored portfolio and investment strategies globally on behalf of a range of global liability driven investors, creating long-term value for clients through direct as well as indirect investments and real estate financing. The operational management of investments and assets is performed out of 18 offices in key gateway cities across 4 regions (West Europe, North & Central Europe, USA and Asia Pacific). For more information, please visit: www.allianz-realestate.com. PIMCO is one of the world's premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the nearly 50 years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. PIMCO has offices around the world and 3,000+ professionals committed to delivering superior investment returns, solutions and service to its clients. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.

Source: Allianz Real Estate, data as at 30th September 2021.

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Allianz Real Estate

Communications

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These assessments are, as always, subject to the disclaimer provided below.

Important Information

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Allianz Real Estate does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Allianz Real Estate be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. Allianz Real Estate accepts no liability for any failure to meet such forecast, projection or target. This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. This document is not intended as investment advice, or an offer or solicitation for the purchase or sale of any financial instrument, or an offer or recommendation related to Allianz Real Estate and/or its products. None of the information or analyses presented herein are intended to form the basis for any investment decision, and no specific recommendations are intended. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO.

Disclaimer

Allianz SE published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2022 13:52:01 UTC.


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