Allianz's real estate arm plans to increase its portfolio to around EUR 30 bn over the next four to five years following the German insurance group's decision to raise its allocation to property from 3% to 6%. Stefan Brendgen, CEO of Allianz Real Estate Germany, said during an Expo Real conference on Wednesday that the company has a global portfolio worth some EUR 17 bn at present, of which around EUR 7 bn falls under Allianz Real Estate Germany. The German real estate portfolio will be completely reorganised over the next three years, Brendgen added.
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