Triuva, the German investor owned by Patrizia, has reached agreement on the acquisition of Junghof Plaza, a 33,000 m2 mixed-use redevelopment located in Frankfurt’s business district.
Triuva is purchasing the property from a joint venture between PGIM Real Estate and FGI, an owner-led investor and real estate developer in the residential, retail, hotel and office sectors. PGIM Real Estate is the real estate investment business of PGIM, the asset management arm of Prudential Financial.
Financial details were not disclosed, but media sources report a purchase price of €400 mln.
The JV between PGIM Real Estate and FGI bought the property as a vacant asset in December 2016. Demolition work has begun and construction is expected to begin in the autumn.
Triuva will redevelop the asset into a mixed-use scheme, comprising office space with two inner courtyards, retail space with food and beverage outlets, and also hotel space. The future building is more than 60% pre-let to tenants including Clifford Chance, Ruby Hotels and L’Osteria.
‘Having acquired Junghof as a vacant and partially obsolete building, we are delighted with the progression of this major project in Frankfurt’s commercial business district,’ commented Sebastiano Ferrante, head of Germany and Italy for PGIM Real Estate.