Allianz finances development of Europe's largest cross-laminated timber and low-carbon office campus
Allianz Real Estate, acting on behalf of several Allianz group companies, has provided EUR200 million in financing to a consortium of investors for the development of Arboretum, the first office campus in the Paris region to be constructed primarily from wood and also the largest solid-wood office development in Europe.
The site is set for delivery from 2022.
Roland Fuchs, Head of European Real Estate Financing for Allianz Real Estate, says: “We are delighted to be playing a central role in one of Europe’s most exciting office developments. With its unique design, build process, extensive use of timber, and absolute focus on environmental best-practice during its operational life, Arboretum’s carbon footprint will be positive compared to traditional concrete buildings. This investment fully supports the global aspiration of the Allianz group toward a carbon neutral portfolio and showcases the strength of our European debt program and our relationships with prime sponsors and sector specialists.”
Allianz is providing 46.3 per cent of the overall total financing of EUR432 million. Investors in the project include ICAWOOD, a fund specializing in low-carbon-emission office developments and in which Allianz has a 6.9 per cent equity stake, and BNP Paribas Real Estate.
Arboretum will consist of seven buildings spread over nine hectares, of which six will consist of private green spaces. The campus will offer over 126,000 sq m in office and services gross leasable area. Five of the seven buildings will be built primarily from cross-laminated timber and will meet the highest environmental standards – such as BREEAM, HQE – as well as low-carbon labels such as BBCA or E+C-. The ICAWOOD Green Financing Framework will be verified by VigeoEiris, whose qualified opinions will enable the financing from Allianz Real Estate to be classified as a green loan.