Allianz SE, Germany’s biggest insurer, expects to find bargains in US commercial real estate as property values slide and banks move to foreclose on more distressed borrowers.

US properties may become available at lower prices, Paul Achleitner, Allianz SE’s head of finance, said in an 12 Oct interview at Bloomberg headquarters in New York. According to Moody’s Investors Service, commercial property prices have already dropped almost 39% from an October 2007 peak.

'The pricing isn’t where it ought to be yet,' Achleitner said. 'We think there are going to be some very attractive buying opportunities and they haven’t happened yet.'