Allianz Buys 80% of Frankfurt’s Skyline Plaza Mall for About $395 Million

Allianz SE (ALV, Europe's biggest
insurer, acquired an 80 percent stake in the Skyline Plaza
shopping center in Frankfurt, the company said today.

Allianz will pay about 290 million euros ($395 million to
buy the stake from ECE Projektmanagement GmbH and an affiliate
of CA Immobilien Anlagen AG (CAI, according to Roland Deger, an
Allianz spokesman. Vienna-based CA Immo, Austria's second-
biggest real-estate developer, and Hamburg-based ECE will each
retain about 10 percent.

"This acquisition takes us a major step closer to our goal
of increasing the retail share in our portfolio," Stefan Brendgen, chief executive officer of Allianz Real Estate
Germany, said in a statement on Allianz's website.

Skyline Plaza, expected to open in the third quarter 2013,
will have 38,000 square meters (99,000 square feet of retail
space, a 9,200-square-meter Meridian Spa and a 10,000-square-
meter roof garden with cafes and restaurants overlooking the
Frankfurt skyline, according to the statement.

Munich-based Allianz was advised by Chicago-based real-
estate broker Jones Lang LaSalle Inc. (JLL, Ernst Young and law
firm Clifford Chance LLP.

To contact the reporter on this story:
Chris Spillane in London at
cspillane3@bloomberg.net

To contact the editor responsible for this story:
Andrew Blackman at ablackman@bloomberg.net

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