Allianz Real Estate hired a new director to head up its acquisitions group in the United States.
The real estate arm of the German financial giant Allianz Group hired Karen Horstmann, who previously held the job of portfolio manager at Norges Bank Investment Management, as the head of its equity acquisitions in the Americas, the company announced Monday.
“Karen’s strategic experience with fiduciary based European investors places her in an ideal position to lead and grow our equity acquisition team,” Christoph Donner, CEO for Allianz Real Estate of America, said in a prepared statement.
Horstmann succeeds former Allianz director Gary Phillips, who last year joined Eastdil Secured as managing director of the brokerage’s New York office.
Allianz also appointed Michael Cale as co-head of its debt-investments group, based out of Atlanta.
The company manages more than $72 billion worth of real estate. Most recently, Allianz purchased a 49 percent stake in the WarnerMedia office condominium at 30 Hudson Yards with the Related Companies, valuing the office block at $2.2 billion.