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Allianz Acquires 80% of Frankfurt’s Skyline Plaza Shopping Mall

Sept. 12 (Bloomberg) -- 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.

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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