Allianz SE, Europe’s largest insurer by market value, plans to buy an office building in Paris this month for as much as €200m euros ($283m).

'It’s the typical property that we want to invest in,' Olivier Piani, head of the German company’s real estate unit, said in an interview yesterday. 'It’s fully let and has a good tenant base.'

Allianz said in March it would almost double its €17bn in real-estate investments to about €30bn during the next five years. Allianz delayed plans to invest in the U.K., Europe’s largest commercial real-estate investment market, after the deepening recession caused rents to fall and increased building vacancies.

bloomberg.com