Allianz Real Estate, the international real estate division of Allianz Group, is to invest € 140million in the Irish commercial property market through property fund IPUT.
IPUTcurrently manages a portfolio of 80 properties valued at more than € 1.2 billion, 98 per cent of which (by value) is situated in Dublin.
Allianz chief investment officer Charles Pridgeon said the investment manager sees the potential for "strong long term income returns at attractive levels for our stakeholders".
“ IPUT’s long term investment strategy and approach coincides with our own and we are looking forward to an ongoing and mutually beneficial relationship in the interests of our respective stakeholders,” he said.
IPUT CEO Niall Gaffney said the investment supports IPUT's corporate strategy to diversify its shareholder base from pure Irish domestic pension funds to a broader audience of international institutional investors.
“This Allianz investment now brings the total investment funds under management by IPUT to € 1.2 billion which is in line with our projections for 2014. This investment in IPUT coincides with a period when interesting opportunities of institutional-grade quality are starting to materialise in the Irish market. As long term investors, IPUT will continue to take a pragmatic and strategic approach to the opportunities we pursue.”
IPUT has become one of the bigger Irish players in the commercial property market since the 2008 crash, spending over € 500 million alone on 27 property investments since January, 2013.
Most recently, it acquired a portfolio of Dublin-based assets, known as the Salix portfolio, from the Bank of Ireland staff pension fund for an all cash payment of € 115 million.
