Allianz Sells Property Portfolio to Whitehall Funds for $2.45 Billion

Allianz Immobilien GmbH, a real property investment subsidiary of German insurer Allianz SE, has sold a portfolio of commercial property worth some €1.7 billion ($2.45 billion) to subsidiaries of the Whitehall Funds, real estate funds sponsored and managed by Goldman Sachs.

The sale is the second for Allianz this year, following the sale of a tranche of properties to IVG in August.

The sale was signed on December 20, 2007 and is expected to be finalized during the new year.

“This transaction enables us to reduce our over-concentration on buildings in Germany, and at the same time allows us to improve the structure of our remaining portfolio,” explained Karl Ralf Jung, Chairman of the Board of Allianz Immobilien GmbH.

Source: Allianz SE – www.allianz.com