FRANKFURT, GERMANY, August 16, 2018 – PGIM Real Estate and Frankfurter Gewerbeimmobilien GmbH (FGI) have signed an agreement with TRIUVA on the future sale of Junghof Plaza, a 33,000-square-meter mixed-use redevelopment in Frankfurt. PGIM Real Estate is the real estate investment business of PGIM, Inc., the asset management arm of Prudential Financial, Inc. (NYSE: PRU). FGI is an owner-led investor and real estate developer in the residential, retail, hotel and office sectors.
“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.”
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The agreement was executed on behalf of a joint venture between PGIM Real Estate’s discretionary pan-European value-add fund, an institutional investor, and minority partner and developer FGI. TRIUVA will acquire Junghof Plaza on behalf of a German pension scheme upon completion of the redevelopment.
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. Acquired as a vacant asset by the joint venture in December 2016, the property will be redeveloped into modern office space featuring two inner courtyards, retail space with food and beverage outlets, and hotel use.
The property is more than 60 percent pre-let to tenants including Clifford Chance, Ruby Hotels and L’Osteria. Demolition work has begun, with construction due to commence in the autumn.
Sebastiano Ferrante, head of Germany and Italy for PGIM Real Estate, commented, “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. In addition to preleasing the project to prime tenants, one of our key objectives was to identify a reliable and reputable purchaser to further the execution of the project. We believe we have secured an ideal partner in TRIUVA on this forward sale.”
Joerg Benkelberg from FGI stated, “The FGI team is excited to implement this development and successfully bring Junghof Plaza to the market as a high-quality mixed-used property.”
PGIM Real Estate and FGI were advised by BNP Paribas and Freshfields.
About PGIM Real Estate
PGIM Real Estate, the real estate investment business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate has professionals in 17 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.6 billion ($50.3 billion net) as of March 31, 2018. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
About PGIM, Inc.
With 15 consecutive years of positive third-party institutional net flows, PGIM, Inc., the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of June 30, 2018. PGIM, Inc.’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential Financial, Inc.’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, Inc., please visit pgim.com.
© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 18NLAZA-B3LFZS