Allianz SE, 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, 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., Ernst & Young and law firm Clifford Chance LLP.