FINANCE: German insurer Allianz has committed to invest €140m (£110m) in Irish property fund IPUT in its first move into Irish real estate.
The commitment by the Munich-headquartered global financial services group comes as the Irish economic recovery takes hold and boosts IPUT’s funds under management to €1.2bn.
The longest established property fund in Ireland primarily invests in prime large-scale commercial office and retail properties located in Dublin’s central business district.
Allianz chief investment officer Charles Pridgeon said: “As the economic recovery in Ireland takes hold, supporting improving demand, particularly in the domestic economy, we see the potential for strong long-term income returns at attractive levels for our stakeholders.
“IPUT’s long-term investment strategy and approach coincides with our own and we are looking forward to an ongoing and mutually beneficial relationship in the interests of our respective stakeholders.”
IPUT chief executive Niall Gaffney said: “It is very encouraging that global groups of the standing of Allianz are selecting IPUT as their investment fund of choice in this market.
“It also supports our corporate strategy to diversify IPUT’s shareholder base from pure Irish domestic pension funds to a broader audience of international institutional investors.”
Gaffney added: “This investment in IPUT coincides with a period when interesting opportunities of institutional-grade quality are starting to materialise in the Irish market.
“As long-term investors, IPUT will continue to take a pragmatic and strategic approach to the opportunities we pursue.”
bridget.o’connell@estatesgazette.com
