NEW YORK: Allianz SE, Europe’s largest insurer, joined with Manulife Financial Corp in a venture to invest as much as US$1 billion (RM3.5 billion) in United States commercial real estate.
Allianz bought majority stakes in two office buildings in Chicago and Washington from Manulife as part of the deal, according to a statement issued on Saturday by Toronto-based Manulife.
“Allianz has ambitious goals to continue to expand its real estate presence in the US,” Christoph Donner, chief executive officer of Allianz Real Estate of America, said.
The group is among investors with insurers in commercial properties of the world’s largest economy as values surpass records. AustralianSuper Pty, the country’s largest pension fund, said this month it plans to join Principal Financial Group Inc to buy US office buildings. Bloomberg