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Alternative Market Briefing

Pimco takes over Allianz Real Estate, forming $100bn unit

Wednesday, March 11, 2020

Laxman Pai, Opalesque Asia:

The global investment management firm Pacific Investment Management (Pimco) is taking over management of Allianz Real Estate, forming a combined unit with $100 billion in assets.

Allianz Real Estate will become part of Pimco's Private Strategies platform within its Alternatives unit, as part of the latter's strategy to grow its real estate investments worldwide.

The proposal still needs some regulatory approvals. Pimco parent Allianz Group has a more than $79 billion real estate portfolio in Europe, the U.S., and the Asia-Pacific region.

Overall, Pimco oversees about $1.9 trillion in assets under management as of Dec. 31, 2019. It is best known as a fixed-income manager and will oversee the combined real estate unit under its private strategies platform.

Pimco has been seeking to expand beyond its core bond business as yields have fallen and fund management fees narrow industrywide. Its private strategies - which are available to institutional and high-net-worth investors - include hedge funds, distressed debt, real estate debt and other illiquid alternative products.

"Real estate has been, and will continue to be, central to the development of our private strategies platform, which we consider essential to providing our clients with alternative approaches to achieving their long-term investment objectives," Pimco CEO Emmanuel Roman said.

"By incorporating Allianz Real Estate into Pimco's existing suite of private solutions, we intend to significantly enhance our capabilities in an area that has become a critical component of our clients' portfolios," Emmanuel said.

"This is an excellent growth opportunity," said Jackie Hunt, Member of the Board of Management of Allianz SE. "Bringing two high-performing, complementary specialist parts of the business together puts us in a position to provide customers a more comprehensive solution in real estate capabilities and strengthens our position in Alternatives, where we are already among the top 10 global players."

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