Allianz adds LEED platinum-rated office complex to Spanish portfolio

Allianz SE | Madrid / Munich | Apr 05, 2022

Allianz Real Estate has acquired a brand new LEED Platinum & WELL Gold office complex in Barcelona. The 29,000 sqm asset is composed of two buildings, which meet Carbon Risk Real Estate Monitor (CRREM) standards and are compliant with EU Taxonomy.

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Cities That Work 2021

Allianz Real Estate, acting on behalf of several Allianz group companies, has acquired a brand new LEED Platinum & WELL Gold office complex in Barcelona in an off-market transaction from seller Meridia Capital, a leading Spanish fund manager and real estate investment specialist.

The 29,000 sqm asset, composed of two buildings of 13 and seven floors, is located in the 22@ business district, an established sub-market attracting prime tenants looking for modern, adaptable Class A offices not available in Barcelona’s traditional CBD. Large international technology firms have a presence in the area, which continues to appeal to a younger, affluent talent pool.

Two buildings built in the same style. Gleaming white floors with large open balconies and bluish windows give a very clean, modern impression. The building on the left has 7 stories; the one on the right has 13 stories. Blue sky with some scattered white clouds serves as serene backdrop.

The complex offers 360-degree views of Barcelona and the Mediterranean coast as well as excellent transport connections, with two metro stations and the beach within walking distance. The building’s main tenant is a large IT consultancy, a subsidiary of one of Japan’s largest public companies.

The two buildings meet Carbon Risk Real Estate Monitor (CRREM) standards and are compliant with EU Taxonomy. As such, the acquisition fully supports Allianz Real Estate’s global ESG programme, which aims to reduce carbon emissions across its portfolio by 25% by 2025 and be carbon net-zero by 2050.

Allianz Real Estate believes that well located office assets with strong ESG profiles in key cities will remain in high demand from tenants. In Allianz Real Estate’s recent Cities That Work 2021 office sector report, Barcelona was highlighted in the Cities to Watch category. In addition to being an important European transport center, the city offers far-reaching cultural exports and a fast -growing tech ecosystem.

Allianz Real Estate has significantly increased its allocation to Madrid and Barcelona in recent months, with two transactions that expanded the firm’s exposure to the attractive Spanish PRS sector. In June 2021, it acquired 421 prime residential units in 21 assets located in Madrid and Barcelona through the purchase of a controlling stake in a joint venture vehicle owned by several prime investors.

Last month, it acquired nine residential buildings in Madrid in an off-market transaction for EUR 185 million. The asset is located next to Castellana 200, a mixed-use office and retail asset already owned by Allianz Real Estate.

Miguel Torres, Head of Iberia, Allianz Real Estate, said: “Offering and creating spaces that reflect the changing needs of occupiers, who are looking to spend their time in a more social and sustainable environment, is key to our investment strategy. This complex represents the best of what Allianz is looking for in the office segment: large, class A properties in a prime location with top ESG standards which enable tenants to attract and retain talent. We are very pleased to have worked with Meridia on this transaction and look forward to future collaborations.”

Alexander Gebauer, CEO West Europe, Allianz Real Estate, said: “Barcelona continues to escalate in significance as an economic, cultural and social hub, and we’re delighted to be increasing our exposure to one of Europe’s most exciting cities. The fact we have again been able to complete an off-market transaction in such a market underscores the strength of our local presence and network.”

About Allianz Real Estate and PIMCO

Allianz Real Estate is a PIMCO Company, comprising Allianz Real Estate GmbH and Allianz Real Estate of America and their subsidiaries and affiliates. It is one of the world’s largest real estate investment managers, developing and executing tailored portfolio and investment strategies globally on behalf of a range of global liability driven investors, creating long-term value for clients through direct as well as indirect investments and real estate financing. The operational management of investments and assets is performed out of 17 offices in key gateway cities across 4 regions (West Europe, North & Central Europe, USA and Asia Pacific). For more information, please visit: www.allianz-realestate.com. PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the nearly 50 years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. PIMCO has offices around the world and 3,000+ professionals committed to delivering superior investment returns, solutions and service to its clients. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.

Source: Allianz Real Estate, data as at 31st December 2021.

These assessments are, as always, subject to the disclaimer provided below.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.

* Including non-consolidated entities with Allianz customers.
** As of December 31, 2023.