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.