Allianz, a Germany-based insurance and asset management company, has signed an arrangement with Manulife Asset Management Private Markets, the private asset management arm of Manulife, to co-invest up to $1bn in US real estate.
As a part of the arrangement, Allianz has acquired majority interests in two class A office assets of John Hancock Real Estate, the US real estate unit of Manulife Asset Management Private Markets although Manulife will maintain a partial interest and manage both assets through its vertically integrated platform.
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Manulife that combines a diverse range of private asset classes including commercial real estate, timberland and farmland, renewable energy, oil and gas, private equity and mezzanine debt will add to its investment in high quality office properties in US gateway cities via the partnership.
Christoph Donner, CEO of Allianz Real Estate of America, said, "Allianz has ambitious goals to continue to expand its real estate presence in the U.S., and we are pleased to do so with 1100 New York Avenue and 191 North Wacker Drive, two buildings that represent the type of high quality assets in which we seek to invest."
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