Allianz Buys 80% of Frankfurt’s Skyline Plaza Mall for About $395 Million

Allianz SE (ALV), Europe’s biggest insurer, acquired an 80 percent stake in the Skyline Plaza shopping center in Frankfurt, the company said today.

Allianz will pay about 290 million euros ($395 million) to buy the stake from ECE Projektmanagement GmbH and an affiliate of CA Immobilien Anlagen AG (CAI), according to Roland Deger, an Allianz spokesman. Vienna-based CA Immo, Austria’s second- biggest real-estate developer, and Hamburg-based ECE will each retain about 10 percent.

“This acquisition takes us a major step closer to our goal of increasing the retail share in our portfolio,” Stefan Brendgen, chief executive officer of Allianz Real Estate Germany, said in a statement on Allianz’s website.

Skyline Plaza, expected to open in the third quarter 2013, will have 38,000 square meters (99,000 square feet) of retail space, a 9,200-square-meter Meridian Spa and a 10,000-square- meter roof garden with cafes and restaurants overlooking the Frankfurt skyline, according to the statement.

Munich-based Allianz was advised by Chicago-based real- estate broker Jones Lang LaSalle Inc. (JLL), Ernst & Young and law firm Clifford Chance LLP.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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