German Financial Giant Co-Invests $1B in US CRE
The German financial services company Allianz will co-invest with the private asset management unit of Manulife as much as $1B in American real estate.
Part of the joint venture includes John Hancock Real Estate, the US real estate arm of Manulife Asset Management Private Markets, selling a majority stake in 1100 New York Avenue (above), in DC, and 191 North Wacker Drive, in Chicago, to Allianz. And the deal adds the Frankfurt-based insurance specialist to a surging number of foreign investors betting big on US commercial assets.
The foreign money infusion over the past couple of years has included sovereign wealth funds making substantial inroads in prime American office markets.