Allianz Real Estate Closes $154M Acquisition in Milan

The company purchased the office asset in a sale-leaseback transaction with Crédit Agricole Italia.
Via Armorari 4. Image courtesy of Allianz Real Estate

Allianz Real Estate, the investment and asset manager for real estate within Allianz Group, is expanding its Italian portfolio with the acquisition of a prime office asset in Milan, Italy, in a sale-leaseback deal with Crédit Agricole Italia for $154 million, or €140 million. The transaction was made on behalf of several Allianz group insurance companies and acquired through an existing fund structure managed by Kryalos SGR.


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Crédit Agricole Italia signed a nine-year lease for the entire asset, which will continue to be one of the bank’s most important headquarters. The lease secures long-term cash flow for the underlying Allianz insurance companies.

Located in the city’s central business district and well positioned in the heart of Milan’s financial district, the asset is composed of three interconnected buildings facing Via Armorari and Via Cantù. It is spread over six floors plus two basements with a gross building area of approximately 116,300 square feet.  Erected in the early 20th century, the property was fully refurbished between 2014 and 2019.

Donato Saponara, head of transactions for West Europe & country head of Italy for Allianz Real Estate, said in a prepared statement the acquisition underscores the firm’s strong belief in the long-term strength of the Milan market despite the current environment. He noted the property adds a very high-quality asset to the portfolio that will provide long-term, stable cash flows from a prime tenant.

Alexander Gebauer, Allianz Real Estate’s CEO for West Europe, said in prepared remarks the firm plans to remain very active in Italy, particularly in the office sector in Milan and Rome. He stated the combination of the firm’s local experts and Allianz Real Estate’s global platform gives the company an advantage.

Last year, Allianz Real Estate’s Italian deals included the acquisition of more than €400 million, nearly $440 million, in office and logistic assets and a number of redevelopments in Milan, Rome and Trieste, totaling nearly 1.1 million square feet.

More office deals

Elsewhere in Europe, the firm boosted its presence in Germany in March with the acquisition of an office building in Munich for €214 million, or nearly $239 million. The transaction, expected to close later this year, was a sale-leaseback deal with German media conglomerate Bertelsmann. The asset has about 352,000 square feet divided across two buildings connected by a two-story foyer. It was built in the 1990s but is in excellent condition.