Allianz Real Estate enters the Spanish office market

 Allianz Real Estate enters the Spanish office market

This loan is part of a financing agreement of 395 million euros which is aimed at the renovation and improvement of its office assets, and has been granted by a reduced group of financial entities, among which Allianz Real Estate has been the main loan provider. Societé Géneral  acted as coordinator and agent in this transaction.

LaFinca GA has about 230,000 square metres in rented property with an occupancy rate of over 90%, rented to companies of the highest calibre, as well as 6,200 parking spaces in Madrid. Among its best known assets is the Parque Empresarial of LaFinca in Pozuelo, the Parque Empresarial of Cardenal Marcelo Spinola and the Parque Empresarial de Martínez Villergas, as well as other assets in central Madrid.

On succeeding with the long term loan, LaFinca GA will be able to refinance existing assets, carry out improvements to its assets based on quality, and expand its portfolio.

For Allianz Real Estate, this is the third transaction with real estate borrowing in Spain, after having financed various assets in the retail sector and participating in pan-European transactions in portfolios with assets in our country. This is its first financing in the offices sector.

The real estate arm of the insurer – dedicated to the investment and management of property the world over – opened in Spain in the last trimester of 2016 with the aim of reinforcing its activities in direct and indirect investments, as well as debt transactions.

Their man responsible for Iberia, Miguel Torres, pointed out that “for Allianz Real Estate this third debt transaction in Spain has contributed to consolidating the company’s position in the Spanish real estate market.”

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