PATRIZIA-owned TRIUVA acquires Frankfurt mixed-use asset
Asset to become a first-class landmark within the CBD.
- Building located in CBD and over 60% pre-let
- Asset to be redeveloped into a modern office with retail, F&B and hotel use
Augsburg/Frankfurt, 16 August 2018. TRIUVA, a PATRIZIA company, has agreed the forward purchase of Junghof Plaza, a 33,000-square metre, mixed-use property in Frankfurt, in an off-market transaction on behalf of a large German pension scheme. Vendor is the joint venture of PGIM Real Estate and FGI Frankfurter Gewerbeimmobilien GmbH. The purchase price has not been disclosed.
Philipp Schaper, Group Head of Transaction at PATRIZIA, commented: “The Junghof Plaza will create a first-class landmark asset and a new destination within Frankfurt’s city centre. Due to the outstanding location, we are convinced that we can realise significant increases in value for our client.”
Located on Junghofstrasse, in the banking quarter of Frankfurt’s central business district, Junghof is a redevelopment project that benefits from proximity to established retail locations. The asset will be redeveloped into modern office space featuring two inner courtyards, retail space with food & beverage outlets, and hotel use.
The property is more than 60% pre-let to tenants including Clifford Chance, Ruby Hotels and L’Osteria. Demolition works have begun, with construction due to commence shortly.
TRIUVA was advised on legal matters by Hogan Lovells and on technical issues by Arcardis, as well as commercially by Cushman & Wakefield and 3REAL. The pension scheme was accompanied by the law firm Curtis, Mallet-Prevost.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages almost EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Group Head of Corporate Communications
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