Allianz Real Estate. Creating Value

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1 Allianz Real Estate Creating Value

2 mainbuilding, Frankfurt 2

3 Allianz Real Estate Group The Allianz Real Estate Group is the property investment and asset management arm of the Allianz Group. Clients benefit from its global ventures, its concentrated expertise, and the strength of the Allianz brand. Allianz pursues a long-term capital investment strategy. And with real estate being such an attractive, safe form of investment, property plays a crucial role. Over the next few years, Allianz plans to build up its property assets from currently 19 billion to around 30 billion. All Allianz s real estate investments are managed by the Allianz Real Estate Group, which invests directly and indirectly in high-yield property types throughout the world. The Allianz Real Estate Group is active on the foremost property markets. Allianz Real Estate GmbH is in charge of developing worldwide portfolio and investment strategies. A number of international subsidiaries and hubs handle the practicalities of real estate investments in the various target markets. Allianz Real Estate on the web: areg.info@allianz.com 3

4 Investment management Powerful on the global market Global investments and an international corporate structure require a uniform strategy and coordinated control. Based in Munich and Paris, Allianz Real Estate GmbH is the strategic umbrella of the ARE Group. It works together with Allianz s investors to devise tailored property investments. Allianz Real Estate controls the subsidiaries and is responsible for carrying out indirect investments and real estate financing. Aims of ARE s investment strategy Expansion of its global property portfolio Increasing the share of real estate within Allianz s investment portfolio Actively managing the property portfolio Diversification in order to optimize risk and yield To make for a profitable portfolio, Allianz Real Estate sets great store by diversification in terms of regions, direct and indirect investments and property types. Direct property investments Indirect property investments Financing commercial property Major investments, including through joint ventures and co-investment 4

5 Examples of Allianz s property assets Boston One Beacon Street LEED-certified prime office building Co-investment, 50pc stake held by Allianz Leasable space: about 94,500 sqm Rome Porta di Roma Italy s biggest shopping mall Co-investment, 50pc stake held by Allianz Leasable space: around 167,000 sqm Amsterdam Forum Amsterdam first-rate office building Winner of the 2002 MIPIM Award Investment: around 80 million Leasable space: around 9,000 sqm Forum Amsterdam, Amsterdam 5

6 Buy manage sell Intelligent strategy The buy manage sell approach is the keystone of the performance of ARE s subsidiaries. Allianz Real Estate Group operates an active portfolio management strategy. All its assets are continuously reviewed and analysed from the portfolio as a whole right down to each individual property. Market trends, potentials and risks are identified and assessed using intensive property and market analyses. This active portfolio management is rooted in the consistent execution of a buy manage sell strategy. Negotiating an attractive purchase price is the basis of the success of any investment. Active management of the property during ownership followed by disposal which is as profitable as possible are other cornerstones of the Allianz Real Estate Group s sustainable performance. Criteria for direct investment Success factor: buy manage sell Direct investments are carried out by ARE s subsidiaries, which sound out the market in their respective countries for promising real estate. Prime locations in flourishing cities High-quality office, retail and residential real estate Investment properties in core/core plus categories with an investment volume starting at 50 million Major investments, including through joint ventures and co-investment Buy Manage Sell 6

7 Examples of Allianz s property assets Paris Boulevard Haussmann/ Rue du Faubourg Saint Honoré Office and retail building in prime location Investment: around 100 million Leasable space: around 10,600 sqm Paris Capital 8 Messine High-quality, Haussmann-style office complex Leasable space: around 18,000 sqm Düsseldorf Spherion office building Investment: around 100 million Leasable space: around 28,000 sqm Spherion, Düsseldorf 7

8 Asset management Close to the market, close to the client Attractive buildings in prime locations combined with local expertise form a solid foundation for successful cooperation with tenants and business associates. Property assets are actively managed by the Allianz Real Estate companies asset managers. The aim is to achieve stable, continuous yields by means of: Effective commercial letting Expert support and advice for potential and current tenants Close control of expenditure and yield Painstaking selection and control of property and centre management services Allianz Real Estate is one of the biggest lessors of office and commercial property in Europe. The key to successful asset management is ARE s close, long-term working relationship with its tenants. Property sales different sizes at thriving locations Under ARE s buy manage sell strategy, attractive properties are available at a wide range of prices. ARE sells profitable office, retail and residential developments throughout Europe. 8

9 Examples of Allianz s property assets Budapest Allee Shopping Center Joint venture, 50pc stake held by Allianz Investment: around 100 million Leasable space: around 47,000 sqm retail, 7,000 sqm office Frankfurt mainbuilding Prime office building opposite Frankfurt Opera House Investment: around 235 million Leasable space around 32,000 sqm Hamburg Europa Passage Shopping mall on Binnenalster and Jungfernstieg Winner of the 2007 MIPIM Award Investment: around 430 million Leasable space: around 60,000 sqm of retail, office and hospitality space Allee shopping mall, Budapest 9

10 Organization A global network Thanks to Allianz Real Estate s global presence, its investment and asset managers operate on all the key markets. Allianz Real Estate Germany Territory: Germany, Austria, Switzerland, Eastern Europe and Scandinavia Locations: Offices in Frankfurt and Stuttgart, branches in Frankfurt (central Germany), Berlin (northern Germany) and Munich (southern Germany) Allianz Real Estate France Territory: France, Belgium, Luxembourg and the Netherlands Headquarters: Paris Allianz Real Estate Italy Territory: Italy, Spain, Portugal Headquarters: Milan Allianz Real Estate of America Territory: USA, Canada and the Americas Headquarters: New York Allianz Real Estate Asia Pacific Territory: Australia, China, Southeast Asia, Japan, South Korea and India Headquarters: Singapore 10

11 Direct investments Allianz Real Estate Germany Stefan Brendgen, CEO Tel: +49 (0) Responsible for Germany, Austria, Switzerland, Eastern Europe and Scandinavia Allianz Real Estate France Olivier Wigniolle, CEO Tel: +33 (0) Responsible for France, Belgium, Luxembourg and the Netherlands Allianz Real Estate of America James Stolpestad II, CEO Tel: Responsible for the USA, Canada and the Americas Allianz Real Estate Italy Tel: +39 (02) Marco Plazzotta Responsible for Italy, Spain and Portugal Indirect investments Head of Indirect Investments Matthew Ryall Tel: +49 (0) Financing commercial property Head of Debt and Capital Markets Helmut Mühlhofer Tel: +49 (0) Sales Allianz Real Estate Germany Dirk Schlürmann Tel: +49 (0) Allianz Real Estate France Philippe de Montferrand Tel: +33 (0) Commercial and office leasing Allianz Real Estate Germany Head Office Taunusanlage Frankfurt/Main Tel: +49 (0) Allianz Real Estate France 93, rue de Richelieu Paris Cedex 02 Tel: +33 (0) Published by Allianz Real Estate GmbH Executive board: Olivier Piani, CEO Alexander Gebauer, COO Supervisory Board: Dr. Paul Achleitner Dr. Karl-Hermann Lowe Astrid Kaltenegger Seidlstrasse 24 24a München Tel: +49 (0) Fax: +49 (0) , rue La Boétie Paris Tel: +33 (0) Fax: +33 (0) Legal notice: Although the information contained in this publication has been painstakingly compiled, errors cannot be ruled out. Therefore, no liability can be accepted for the information contained herein, especially its accuracy, completeness or currentness. This publication does not constitute a contractual offering. Subject to change. The information in this publication is protected by German copyright law. The reproduction and/or transmission of any of this publication is prohibited. All the content of this publication including its use and the disclaimer are governed solely by German law. 11

THINK Global: Risk and return

THINK Global: Risk and return Changing context of real estate returns in a globalised world Data generating art This document is solely for the use of professionals and is not for general public distribution. Using data from Fig.1