Allianz Real Estate and Hammerson have bought a portfolio of Irish loans backed by retail property assets.
The German insurer and UK REIT bought the portfolio from Ireland鈥檚 National Asset Management Agency (NAMA).
Allianz said it was investing 鈧�900m, while Hammerson said its share of the acquisition was 鈧�1.23bn.
NAMA, however, said the portfolio was sold for 鈧�1.85bn.
The face value of the loans is 鈧�2.57bn.
The portfolio, known as Project Jewel, is backed by retail properties in Dublin.
Allianz is taking a 50% stake in the largest asset in the portfolio, the 1.5m sqft Dundrum Town Centre.
Annette Kr枚ger, chief executive at Allianz Real Estate Germany, said: 鈥淥ur investment into Project Jewel is an important step to a further diversification of Allianz鈥檚 real estate portfolio. It is a very attractive opportunity to get exposure to the dynamic Irish market.鈥�
Allianz its Irish real estate debt debut, financing a portfolio acquired by Starwood.
The German institutional investor extended a 鈧�150m loan as part of a financing package with Morgan Stanley, which itself provided 鈧�300m.
Allianz earlier this year said it was .
Head of debt Roland Fuchs told a press briefing at in March that the real estate arm of the German insurer would begin lending in Ireland this year.
