14 February 2017
Madrid
Reporter: Theo Andrew

Allianz enter Spanish office market


Allianz Real Estate has issued a €155 million loan to La Finca Global Assets, entering the Spanish office market for the first time.

The deal is part of a €395 million refinancing of LaFinca GA’s office assets, with Allianz as the main lender. It is the third real estate debt transaction closed by Allianz Real Estate in Spain, and the first loan related to office space.

LaFinca GA’s business comprises of 230,000 square metres, which are more than 90 percent occupied. The company’s main shareholders are Grupo LaFinca and North American fund Värde.

Miguel Torres, head of Iberia at Allianz Real Estate, said: “Grupo LaFinca has demonstrated over more than 40 years of experience its capacity to develop high quality offices endowed with the conditions demanded by the companies of today, so we are fully confident in the value of our investment, and we hope to expand our relationship with them in the long term.”

Susana García Cereceda, chair of Grupo LaFinca and LaFinca GA, said: "Having a partner like Allianz Real Estate, with a long-term vision and financial soundness, endorses our company and our ability to successfully manage our assets."

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