Allianz buys 2 prime Paris properties for $243 mln

* Allianz spends 184 mln euros on Paris assets

* Vendor is Credit Suisse-managed property fund

By Nia Williams

LONDON, Dec 16 (BestGrowthStock) – Allianz (ALVG.DE: ) Real Estate has
bought two central Paris properties from a Credit Suisse
(CSGN.VX: ) fund for around 184 million euros ($243 million),
pushing its investment total for the year to 900 million euros.

The acquisition fits with the company’s investment strategy
and puts it on track to meet its investment objectives for the
year, Olivier Wigniolle, CEO of Allianz Real Estate France, said
in a statement on Thursday.

The real-estate arm of German insurer Allianz told Reuters
late last year it was targeting 1 billion to 2 billion euros of
annual investments, as the European commercial property market
recovers and more companies sell assets. [ID:nGEE5B711N]

Allianz said the first property is a single-tenant office
building totalling 6,275 square metres in the 16th
arrondissement of Paris. It was fully refurbished in 2007 and is
100 percent let to Orrick Rambaud Martel, an international law
firm.

The second mixed-use property in the 4th arrondissement
measures 6,505 square metres and was refurbished in 2005.
Retailers Zara and H&M are the principal occupiers in the fully
let building, which also includes an office component and
parking.
(Editing by Daryl Loo and Will Waterman)
($1=.7559 Euro)

Allianz buys 2 prime Paris properties for $243 mln