The recently completed acquisition of Marienforum, a prime office building in Frankurt am Main, is the first step of the joint venture that Generali Real Estate and Poste Vita announced in December, aimed at co-investing in the European real estate sector. The seller is Perella Weinberg Real Estate Fund II (PWREF II), one of the real estate funds advised by Aermont Capital in its capacity as investment adviser, and the developer of the property is Pecan Development GmbH.
Located in the heart of the city’s central business district, the 40-meter-high, ten-storey building is part of the new Marieninsel office district, which also includes the Marienturm and the new public square Marienplatz, with its hospitality and retail facilities. Marienforum currently hosts the Frankfurt headquarters of ABN AMRO / Bethmann Bank and other office tenants, with retail units at ground floor.
The transaction, with a financing from a primary German bank, is in line with Generali Real Estate and Poste Vita’s strategy of investing in the main European cities, with a focus on prime office and retail assets. Furthermore, it reaffirms Generali Real Estate’s strong focus on the German real estate market for 2019