By Stephen Nakrosis

Pimco said Tuesday it would assume management and oversight of Allianz Real Estate.

Allianz Real Estate will become part of Pimco's private strategies platform and, with completion of the deal, Pimco said it will become one of the world's largest and most diversified real estate investment managers with more than $100 billion in real estate assets under management.

Allianz Real Estate has 440 employees and underwrites and manages a property portfolio of more than EUR70 billion, the company said.

Allianz SE is the parent company of Pimco.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

March 10, 2020 13:59 ET (17:59 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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