James A. Stolpestad Appointed as Chief Executive of Newly Formed Allianz Real Estate America

MUNICH and PARIS, April 21 /PRNewswire/ -- Allianz Real Estate today announced the appointment of James A. Stolpestad, 42, as Chief Executive Officer of Allianz Real Estate America. Jamie was previously Managing Director for GE Real Estate at its Norwalk, CT headquarters, responsible for managing a broad range of office, retail, multi-family and hotel assets and directing the retail investment strategy in the U.S. Before that he worked as Senior Vice President at The Mills Corporation in Washington, D.C. His prior experience includes acquisition roles at Transwestern Investment Company and Richard Ellis.

Sunitha Amalraj, currently member of the investment team of Allianz Real Estate in Munich, will join Jamie in the near future. The team will initially be based at Allianz Capital Partners offices in New York located at 1114 Avenue of the Americas in Midtown Manhattan. The investment focus remains on core/core+ office, retail and multi-family properties in the major markets throughout the U.S.

Olivier Piani, CEO of Allianz Real Estate said: "As economic fundamentals in the U.S. improve, we expect the region to become an increasingly important market for us. The appointment of Jamie Stolpestad as CEO of Allianz Real Estate America is an exciting step in developing our North American footprint."

Allianz Real Estate, which manages approximately 17 billion Euros of real estate assets world-wide, aims to increase this allocation to 30 billion Euros of assets under management over the next few years.

About Allianz Real Estate

Allianz Real Estate is the strategic center of expertise in real estate within the Allianz Group and a leading international real estate investment and asset manager. Allianz Real Estate develops and executes worldwide tailored portfolio and investment strategies on behalf of the Allianz companies, considering direct as well as indirect investments The operational management of investments and assets is currently performed in four international subsidiaries and hubs in Germany, France, Italy and Asia/Pacific. The headquarters of Allianz Real Estate are located in Munich and Paris. As of December 31st 2008 Allianz Real Estate has approximately 17 bn Euros Assets under Management.

SOURCE Allianz Real Estate GmbH