Allianz Real Estate and Universal-Investment completed the acquisition of Gross & Partner-backed Tower 1 for $1.58bn.

Allianz Real Estate, a captive investment and asset manager for real estate, and Bayerische Versorgungskammer-backed Universal-Investment, an investment fund, completed the acquisition of Gross & Partner-backed Tower 1, a 233-meter high-rise building, for $1.58bn. “This is a landmark acquisition in every sense. It demonstrates our ability to source the best assets for our investors and emphasizes our continued conviction towards prime, future-oriented offices. FOUR T1’s combination of intelligent technologies and focus on sustainability will offer its users unmatched comfort and well-being while also contributing to our target to reduce carbon emissions across our real estate portfolio by 25% by 2025 and be carbon net-zero by 2050," Annette Kröger, Allianz Real Estate CEO of North & Central Europe.