Generali Real Estate and Poste Vita’s new European property investment joint venture has acquired its first asset in Germany.
The partnership, which targets office and retail assets, has bought the Marienforum office building in Frankfurt am Main from Perella Weinberg Real Estate Fund II, a fund advised by Aermont Capital.
Financial details were undisclosed.
The 40-meter-high, ten-storey building was developed by Pecan Development.
As previously reported, Generali and Poste Vita entered the co-invest in European real estate markets. The two Italian insurers said they had signed a framework agreement and will each commit €200m to the partnership.
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