Allianz invests in Irish property fund

German insurer Allianz has announced a multi-million euro investment in the Irish Property Unit Trust.

The Munich-headquartered financial services firm has committed to invest €140m in the commercial real estate investment vehicle. The trust, which is the country’s longest-established property fund, has €1.2bn worth of funds under its management — predominantly in large-scale commercial office and retail properties in Dublin’s central business district.

Commenting on the announcement, Allianz chief investment officer, Charles Pridgeon said the improving domestic economy played a large part in Allianz’s investment decision.