FRANKFURT, Sept 8 (Reuters) - Allianz plans to sell 100 mainly office properties in Germany and hopes the sale will raise 1 billion euros ($1.28 billion), Europe's biggest insurer said on Wednesday.
The sale should take place over the next 18 months, with properties sold individually or in small batches, an Allianz spokeswoman said, confirming a report in the Financial Times Deutschland newspaper.
The sale of the properties, which are relatively old and not in top locations, is being organised by property firm CB Richard Ellis.
Allianz last made a sale of similar size in early 2008 and was recently seen more as a buyer of properties.
Board member Paul Achleitner announced earlier this year that the insurer planned to invest 15 billion euros in real estate in the coming years.
It bought 80 properties owned by supermarket Aldi Sued in August and has invested 1.5 billion euros in real estate so far this year, mainly in commercial property.
($1=.7846 Euro)
(Reporting by Christian Kraemer and Jonathan Gould; Editing by Hans Peters) Keywords: ALLLIANZ/PROPERTY (Reuters Messaging: jonathan.gould.thomsonreuters.com@reuters.net; +49 69 7565 1242) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The sale should take place over the next 18 months, with properties sold individually or in small batches, an Allianz spokeswoman said, confirming a report in the Financial Times Deutschland newspaper.
The sale of the properties, which are relatively old and not in top locations, is being organised by property firm CB Richard Ellis.
Allianz last made a sale of similar size in early 2008 and was recently seen more as a buyer of properties.
Board member Paul Achleitner announced earlier this year that the insurer planned to invest 15 billion euros in real estate in the coming years.
It bought 80 properties owned by supermarket Aldi Sued in August and has invested 1.5 billion euros in real estate so far this year, mainly in commercial property.
($1=.7846 Euro)
(Reporting by Christian Kraemer and Jonathan Gould; Editing by Hans Peters) Keywords: ALLLIANZ/PROPERTY (Reuters Messaging: jonathan.gould.thomsonreuters.com@reuters.net; +49 69 7565 1242) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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