Allianz Real Estate, part of insurer Allianz, is said to merge with fixed income manager PIMCO to launch a real estate investment manager with more than €100bn in assets.

Under the agreement, Allianz Real Estate will be a unit of Pimco’s Private Strategies platform within its Alternatives arm.

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The combined group will oversee opportunistic, value-added, and core real estate strategies across the Asia-Pacific, Europe, and the US.

PIMCO CEO Emmanuel Roman said: “Real estate has been, and will continue to be, central to the development of our Private Strategies platform, which we consider essential to providing our clients with alternative approaches to achieving their long-term investment objectives.

“By incorporating Allianz Real Estate into PIMCO’s existing suite of private solutions, we intend to significantly enhance our capabilities in an area that has become a critical component of our clients’ portfolios.”

The two parties are said to complement each other on geography, products, as well as investor coverage.

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Over the coming months, the two companies’ management teams will collaborate to better align their capabilities. The proposal awaits regulatory nod.

Allianz member of the board of management Jackie Hunt said: “Bringing two high-performing, complementary specialist parts of the business together puts us in a position to provide customers a more comprehensive solution in real estate capabilities and strengthens our position in Alternatives, where we are already among the top 10 global players.”