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Allianz to fund bypass in Marseille


With a senior debt note of 165 million euros Allianz will be funding the building of a bypass in Marseille. This investment represents Allianz’s growing appetite for infrastructure investments.


Allianz has completed its second infrastructure debt transaction in France with a commitment to provide long-term funding for the new ring road around Marseille. The company will be acting as a lender, be providing 100 percent of a 165-million-euro senior debt note at the construction phase. In this way, Allianz will facilitate the building of the ten-kilometer L2 bypass. This will connect the A7 and A50 motorways leading into the city in southern France.

Allianz Global Investors (AllianzGI) will manage the investment on behalf of Allianz Group companies over a 30-year period. The project is a public-private partnership ( PPP), and was awarded after a tender process run by the Ministry of Transport in May 2013. AllianzGI is part of the Phoceale consortium which includes Bouygues, CDC Infrastructure, Meridiam Infrastructure Finance II, Spie Batignolles and Egis Projects.

Infrastructure financing: “Trust in the Allianz Group”

Commenting on the transaction, Matthias Seewald, a member of the Executive Committee of Allianz France, in charge of Investments, said: “We are very pleased to fund a second major project for infrastructure facilities in France. It will benefit the city of Marseille with the construction of a motorway link that will aid traffic flow to the northeast of the city. The investment, this time from the beginning of the construction phase, reflects Allianz’s appetite and expertise in this asset class, which is a growing part of the Allianz investment portfolio and its diversification. The fact that we were awarded this project also demonstrates the confidence of the authorities towards the Allianz Group.”

François-Yves Gaudeul, Director in the Infrastructure Debt team at AllianzGI, added: “This shows that our institutional funding can be put in place from the construction phase of a project. We are delighted to continue with this new transaction, which underlines the development of institutional financing of infrastructure assets in France, as elsewhere in Europe.”

This is the second such transaction to be completed in France since the creation of AllianzGI’s dedicated infrastructure debt team a year ago. The first project in France was 127-million-euro post-construction funding of the ‘City of Music’ on Paris’s Seguin Island, which was completed in July.

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Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group’s core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events) (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

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