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Allianz to invest in Paris cultural centre
12 July 2013
Pledges €127m to Seguin island 'Music City' development
Allianz Global Investors
Allianz Global Investors has announced €127m of long-term debt financing of a new 'Music City' cultural development to be built on Seguin island in Paris' Boulogne-Billancourt area.
Allianz Global Investors said it would manage the investment on behalf of Allianz France and other Allianz Insurance companies over the asset's 30-year term.
Allianz has provided the entirety of the senior debt post-construction, with the debt drawdown expected in mid-2016.
Deborah Zurkow, chief investment officer, infrastructure debt, Allianz Global Investors, said: “We are delighted to be part of this important project. Investing in major infrastructure projects offers our institutional clients an attractive alternative to other long-term fixed income investments. Allianz has been among the first to understand this and to act on it.
“With bids made on a number of other infrastructure projects, we look forward to securing and managing further investments for clients across Europe.”
Music City is a 300,000 square meter mixed-use project based on Land vacated by manufacturer Renault in Boulogne-Billancourt, France, which has been dormant for almost 20 years. The project includes the creation of a cultural centre, social facilities, parks, gardens and shops