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Crow Holdings Forms Strategic Joint Venture with Allianz Through Sale of a 49% Stake in 19-Property, 6.1 Million-Square-Foot U.S. Industrial PortfolioCrow Holdings announced today that it has formed a joint venture with leading global real estate investment manager Allianz Real Estate, acting on behalf of several Allianz Group companies, through the direct sale of a 49% stake in a 19-asset, 6.1 million-square-foot U.S. industrial portfolio developed by Crow Holdings. Through this long-term joint venture, Crow Holdings and Allianz Real Estate plan to manage the portfolio to maximize cash flow and its growth over the long term. The properties in the portfolio were constructed from the ground up by Crow Holdings beginning in 2014. The portfolio is anchored by the Wildlife Commerce Park, an 11-building, 3.8 million-square-foot development built on 220 acres strategically located with broad access to the Dallas-Fort Worth metroplex. The other properties are located in key U.S. markets including Chicago, Dallas, Houston and Southern California. In line with Crow Holdings' and Allianz Real Estate's ongoing commitment to the environment and sustainable development practices, 12 of the properties have either LEED Certifications or LEED Certifications pending. "By analyzing tenant demand patterns in major U.S. logistics hubs, Crow Holdings successfully assembled and developed this long-term, build-to-core portfolio of high-quality industrial properties. We continue to build upon our strategy of establishing trusted partnerships with premier institutions to capitalize on the long-term secular growth of e-commerce. We are excited to partner with Allianz Real Estate, a top-tier global investor that shares our confidence in the U.S. industrial real estate sector, on this venture. As a longstanding partner to Crow Holdings, we look forward to continuing to work with them to optimize these assets, which benefit from the major tailwinds of increasing logistics demand," said Michael Levy (News - Alert), Chief Executive Officer of Crow Holdings. "Partnering with Crow Holdings - a trusted partner for several years on both the debt andequity side - allows us to grow alongside a developer that understands the dynamics and needs of the U.S. market," said Christoph Donner, CEO of Allianz Real Estate of America. "Allianz remains focused on long-term opportunities making this investment an excellent fit for our portfolio. Crow Holdings' decades of experience and track record give us the confidence to further expand our joint platform." Since 1948, Crow Holdings has been investing in the industrial sector, and has grown to become a market leader across both its institutional real estate asset management business and its industrial development business. Over the past 22 years, Crow Holdings operating companies have developed or owned 106 industrial developments with an additional 39 currently in development, representing over 78 million square feet of industrial space across the U.S.
About Crow Holdings
About Allianz Real Estate
The operational management of investments and assets is performed out of 19 offices in key gateway cities across 4 regions (West Europe, North & Central Europe, USA and Asia Pacific). As at 30 September 2020, Allianz Real Estate held €71 billion assets under management. For more information, please visit: http://www.allianz-realestate.com
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