Core and Core-Plus Multifamily Real Estate Strategy Formed Between Allianz, Clal Insurance and Waterton Associates

CHICAGO--()--Allianz Real Estate of America L.L.C.(“Allianz”), Clal Insurance (“Clal”) and Waterton Associates L.L.C. (“Waterton”) are pleased to announce a newly formed venture that will buy up to $800 million of core and core-plus apartments in major U.S. markets.

The joint venture will target large (minimum transaction size of $50 million) core and core-plus multifamily investments, beginning in six major markets: Boston, Chicago, New York Metro, Northern California, Seattle and Washington, D.C.

“Clal is building a sizeable portfolio of institutional-quality assets in major metropolitan markets within the U.S.,” said Tamir Kazaz, CEO of Clal US Management, the wholly owned subsidiary of Clal Insurance. “We see immense potential in partnering with reputable and experienced companies such as Allianz and Waterton Associates.”

The new strategy will focus on well-located, urban and suburban infill opportunities, to be sourced, executed and managed by Waterton, with longer-term hold periods.

David Schwartz, Waterton’s co-founder and CEO, added, “As a specialist in multifamily investment and operations, we are pleased to be working with two well-respected institutions like Allianz and Clal on this strategy. We see growing opportunity in the core multifamily space and it is complementary to our flagship value-add multifamily strategy.”

Christoph Donner, CEO of Allianz Real Estate of America, said, “We are very excited about this new program as it allows Allianz to increase its long-term exposure to the U.S. multifamily market as well as expand our network of strategic co-investment partners.”

About Allianz Real Estate

Allianz Real Estate is the strategic centre of expertise in real estate within the Allianz Group and a leading international real estate investment and asset manager. Allianz Real Estate develops and executes worldwide tailored portfolio and investment strategies on behalf of the Allianz companies, considering direct as well as indirect investments and real estate loans. The operational management of investments and assets is currently performed in six international subsidiaries and hubs in Germany, France, Switzerland, Italy, USA and Asia/Pacific. The headquarters of Allianz Real Estate are located in Munich and Paris. As of December 31st, 2014, Allianz Real Estate has approximately €33 billion in assets under management.

About Allianz Real Estate of America L.L.C.

Allianz Real Estate of America L.L.C. is responsible for equity investments and the commercial mortgage loan business in the Americas. Allianz Real Estate of America, based in New York, has a portfolio of over $8 billion of commercial mortgage loans and equity investments and commitments, diversified across over 30 metro markets and spanning office, multifamily, retail, industrial and medical office buildings.

About Clal Insurance

Clal Insurance (CLIS:IT) is a publicly traded insurance company, pension fund manager and one of Israel’s largest financial institutions with over $40 billion in assets under management. A wholly-owned subsidiary of Clal, Clal US Management is focused on finding direct real estate equity investment, joint venture equity investment, and debt/equity financing of real estate assets in New York City and other North American markets. Clal US Management’s goal is to identify and execute transactions that will produce long-term cash flow for Clal Group.

For more information on Clal and its subsidiaries please visit https://www.clalbit.co.il.

About Waterton Associates, L.L.C.

Waterton Associates, L.L.C. is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality which are focused on Waterton’s portfolio of properties.

Waterton has a proven expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with regional offices throughout the United States. Currently, Waterton’s portfolio includes over $3.8 billion in assets under management, including 18,000 multifamily units and 12 hotels. For more information, please visit www.watertonassociates.com.

Contacts

For Waterton Associates
Abe Tekippe, 312-267-4528
atekippe@taylorjohnson.com

Release Summary

Allianz Real Estate of America L.L.C., Clal Insurance and Waterton Associates L.L.C. have formed a new venture that will buy up to $800 million of core and core-plus apartments in major U.S. markets.

Contacts

For Waterton Associates
Abe Tekippe, 312-267-4528
atekippe@taylorjohnson.com