Pacific Investment Management, a private equity firm, is set to acquire Allianz Real Estate, an investment and asset management firm from Allianz Group, forming a combined unit with $100bn in assets. Financial terms were not disclosed. "Real estate has been, and will continue to be, central to the development of our Private Strategies platform, which we consider essential to providing our clients with alternative approaches to achieving their long-term investment objectives. By incorporating Allianz Real Estate into PIMCO’s existing suite of private solutions, we intend to significantly enhance our capabilities in an area that has become a critical component of our clients’ portfolios,” Emmanuel Roman, PIMCO CEO.