EuroSelect 21 Munich | IVG Private Funds: New fund to invest in headquarters of Allianz-Deutschland AG
Bonn, 16.01.2012
- Allianz administrative building and operations building in Munich-Unterföhring
- More than EUR 50 million already placed
IVG Private Funds is launching a new closed-end real estate fund: EuroSelect 21 Munich. The new fund will invest in Allianz’s largest German site in Unterföhring (Munich district), consisting of a central administrative building and an operations building. The latter is also home to the group’s largest data centre worldwide. The two buildings, which have total floor space of around 131,000 m², are let to Allianz until at least 31 December 2024 under the terms of an indexed rental agreement. The forecast annual payments are 5.5%.
More than EUR 50 million of the planned fund volume of around EUR 205 million has been successfully placed since the start of January.
Germany’s largest insurance company as tenant
“The attractive location, the quality of the building and the financial standing and future prospects of the tenant mean that investors can obtain stable yields,” commented Christian Kühni, member of the Board of Management of IVG Immobilien AG. Allianz Deutschland AG bundles Allianz’s German insurance business (property, health and life insurance). Allianz is the market leader in Germany and one of the world’s largest insurance companies. In 2010, it generated annual revenues of more than EUR 28 billion. Over the past 20 years, Allianz has successively established Unterföhring as its largest site in Germany. It is currently home to around 6,300 employees, with a further 1,500 set to move to the location by 2014. Unterföhring is situated halfway between central Munich and Franz Josef Strauss Airport. It is extremely well connected to the motorway network and can be reached quickly using the S8 commuter train line. The building is located immediately next to Unterföhring station.
The central administrative building, which Allianz moved into in 2004, has 65,000 m² of office and conference space and 926 underground parking spaces. The operations building, with floor space of around 65,000 m², is home to Allianz’s printing and data centres. The site performs Europe-wide IT infrastructure services for the Allianz Group and also boasts one of Germany’s largest digital print shops.
Key data on the fund
The investment volume of the fund is around EUR 330 million. This consists of limited liability capital of EUR 205 million plus a 5% premium, and proportionate debt capital of EUR 115 million (leverage approx. 35%). Interested investors can invest in the fund from a minimum investment of EUR 10,000 plus a 5% premium. The total reflow of funds is forecast at around 179% before taxes. As a co-investor, IVG Immobilien AG is making a long-term investment of 10% in the EuroSelect 21 Munich property companies.
IVG Immobilien AG
IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth approx. €22 billion and is located with approx. 590 employees in 19 selected major German and European cities. Via this network of local branches, IVG manages inter alia on balance properties with a market value of €4.1 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a volume of €15.2 billion.
IVG Private Funds GmbH is a hundred per cent subsidiary of IVG Immobilien AG.
Press Contact
Martin Praum
Tel.: +49 (0)228 / 844-300
Fax: +49 (0)228 / 844-372
E-mail: martin.praum@ivg.de
