Allianz Real Estate, the international real estate division of Allianz Group with €30bn in assets under management, has stated that they intend to invest €140m in IPUT, the unlisted debt-free property fund in Ireland.

Commenting, Allianz Chief Investment Officer Charles Pridgeon, said: “As the economic recovery in Ireland takes hold, supporting improving demand particularly in the domestic economy, we see the potential for strong long term income returns at attractive levels for our stakeholders. IPUT’s long term investment strategy and approach coincides with our own and we are looking forward to an ongoing and mutually beneficial relationship in the interests of our respective stakeholders.”

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In the last 18 months, IPUT has invested €515m of capital in the Dublin office market including buying the 13-strong institutional-grade Salix portfolio for €115m from the Bank of Ireland Staff Pension Fund last month.

Commenting, IPUT plc CEO Niall Gaffney said: “We are delighted that Allianz has chosen IPUT to partner on its first investment in real estate in Ireland. It is very encouraging that global groups of the standing of Allianz are selecting IPUT as their investment fund of choice in this market. It also supports our corporate strategy to diversify IPUT’s shareholder base from pure Irish domestic pension funds to a broader audience of international institutional investors.” Mr. Gaffney added: “This Allianz investment now brings the total investment funds under management by IPUT to E1.2 billion which is in line with our projections for 2014. This investment in IPUT coincides with a period when interesting opportunities of institutional-grade quality are starting to materialise in the Irish market. As long term investors, IPUT will continue to take a pragmatic and strategic approach to the opportunities we pursue.”