Allianz Global Investors (AllianzGI) today announced the first close of the Allianz Global Real Estate Debt Opportunities Fund (AGREDO) at EUR 515mn. The fund that was launched in February 2022 is the first real estate private debt fund of AllianzGI. The AGREDO enables investors to invest alongside Allianz and aims to provide them with access to a globally diversified portfolio of higher yielding real estate debt opportunities with strong downside protection.
Allianz is one of the world’s leading real estate investors and built a real estate private debt fund portfolio of more than EUR 5bn assets under management over the last decade. With the launch of AGREDO, professional investors for the first time have the opportunity to join Allianz insurance companies in this strategy.
The AGREDO invests in real estate debt funds and co-investments that finance real estate assets and development projects globally. A high level of portfolio diversification is targeted by investing across geographies, segments, vintage years, sectors and financing situations. The AGREDO will invest in different sectors, including residential, logistics, and office, but also niche segments such as student housing or science parks. With at least 50% of the capital invested by Allianz in each future investment of the fund, there is strong alignment of interest with Allianz Group.
Alexander Schmitt, Senior Portfolio Manager at AllianzGI, said: “We are very delighted about the first close of the AGREDO within only a few weeks which underpins the trust our highly renowned clients have put in our platform. Investors in this strategy benefit from our global market access and long track record. As one of the earliest private debt investors we look forward to seizing many new investment opportunities in a globally diversified portfolio for our clients.”
The AGREDO is managed by the same investment team as the Allianz Global Diversified Private Debt Fund (AGDPDF) and follows a similar strategy – building a globally diversified portfolio of private debt funds and co-investments – but with a focus on real estate private debt instead of corporate private debt. The AGDPDF was launched in June 2021.
AllianzGI is offering a broad range of investment solutions and manages around EUR 93bn in private market assets.