Allianz Real Estate has agreed to purchase a stake in five shopping centers in France from Paris-based developer Altarea Cogedim for 395 million euros ($535 million).
The portfolio includes Bercy Village, Toulouse Gramont, the Gare de l'Est boutiques, Espace Chanteraines in Gennevilliers, and the Toulon - La Valette development project, representing a total asset value of more than 800 million euros, according to a company announcement.
The Allianz Group, Europe's biggest insurer, will take a 49 percent stake in the malls.
"This equity investment represents our most important investment in Europe for this year and we are delighted with this long-term partnership with a prime operator of commercial real estate," Olivier Piani, CEO of Allianz Real Estate, said in the announcement. The portfolio represents "the assets profile we are looking for and strengthens our real estate exposure in France."
Altarea Cogedim will maintain control and management of the properties in the portfolio.
This year, Munich-based Allianz has purchased stakes in a shopping center in Poland, office buildings in Italy and a high-rise building in Frankfurt, Bloomberg reports.