Allianz Real Estate, developer Edge and pensions group Bayerische Versorgungskammer (BVK), are to jointly develop a series of prime office assets in Germany’s top four cities in a €1.3 billion program.
The partnership will develop projects from the ground up in addition to repositioning existing stock primarily for office use. The assets will be located in the well-established central submarkets of Berlin, Hamburg, Munich and Frankfurt.
The projects will be managed jointly by Allianz Real Estate, which is acting on behalf of several Allianz Group companies, and Edge. Allianz Real Estate will manage the assets after completion.
Edge a leader in tech-enabled green building design and describes its purpose as the development of sustainable, healthy, modern office assets that make extensive use of smart technologies.
Each of the projects with Allianz will aspire to high standards of building quality with a strong focus on sustainability and user well-being. Edge is already working with Allianz Real Estate across a number of assets, including projects in Berlin and Hamburg with a combined value of €1 billion.
Allianz has also partnered BVK previously, most recently on the Tower 1 deal announced in July last year.
“We continue to believe in the office sector and are excited to launch this program with our partners to build up a portfolio of resilient, future-oriented and sustainable assets that will meet future tenant demands,” said Allianz Real Estate CEO, North & Central Europe, Annette Kröger.