Pimco to Run Allianz Real Estate, Forming $100 Billion Unit
- Bond giant is expanding in private investment strategies
- German insurer acquired the California-based firm in 2000
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Pacific Investment Management Co. is taking over management of Allianz Real Estate, forming a combined unit with $100 billion in assets.
Pimco parent Allianz Group has a more-than 70 billion euro ($79 billion) real estate portfolio in Europe, the U.S. and Asia-Pacific region, according to a statement Tuesday. Pimco, which managed $1.91 trillion as of Dec. 31, is best known as a fixed-income manager and will oversee the combined real estate unit under its private strategies platform.