Allianz pauses investment in Irish property market due to concerns over reputational damage – BreakingNews.ie

Allianz pauses investment in Irish property market due to concerns over reputational damage – BreakingNews.ie

Allianz is set to pause possible investments in the Irish residential property market due to the potential reputational damage it could cause to the business.
According to The Irish Times, Allianz has been considering a number of residential properties in Ireland, holding a global property portfolio of €79 billion.
The firm’s insurance arm, which is one of the largest general insurers in Ireland, is understood to have lobbied against investments being made in the Irish property market, believing it may cause the company to be seen as a so-called cuckoo or vulture fund.
The company has since ceased engagement regarding the investment opportunities and made other parties in the property sector aware of the decision. However, this will not impact existing investments, such as its 50 per cent ownership of the Dundrum Town Centre.
In a statement, Allianz said the company “continues to be open to further real estate investment opportunities in Ireland across the different sectors” but added that input from a number of parties, including the “local insurance entity” is taken into consideration before decisions are made.
The decision comes as rents have soared across the country, particularly outside of Dublin, assisted by a huge level of demand and an insufficient housing supply.
Latest figures from the Residential Tenancies Board for the second quarter of the year showed rents in Ireland rose, on average, by 7 per cent year-on-year, while Dublin saw a 4.4 per cent increase.
Want us to email you top stories each lunch time?

source

How do I find SEO services
Dominate search engine result pages, crush your competition, get more sales, and be the #1 provider in your service area. Work with Top SEO Agency in Dublin that also provides quality Digital Marketing Optimisation services. 
Our Search Sngine Optimisation Consultants will improve your site performance in all major search engines by implementing the Best SEO Solutions, Strategies and Techniques. Let us help you increase organic traffic, get more leads, more customers, and grow your revenue with a customised affordable SEO package.
Fully Managed WordPress Hosting
FOOTER POST

footer

Get in touch

Globe Boss

Hampton Square
Dublin - Ireland
Tel: (+353)1 868 2345