PGIM Real Estate has acquired an office building in Frankfurt’s Gallus district for conversion into more than 300 residential units, the manager’s second acquisition for its German micro-living platform, omniLiv.
The asset, purchased for PGIM’s European value-add strategy, will be redeveloped into high-quality micro-living apartments and student housing.
This transaction follows PGIM’s real estate’s acquisition of a Berlin office property for residential conversion in Berlin, earlier this year. In both cases the purchase price was not disclosed.
Nabil Mabed, senior portfolio manager for PGIM Real Estate business’ European value-add strategy, said: “This acquisition underscores the continued commitment by PGIM’s real estate business to providing innovative development and investment solutions in a constrained German residential market, which continues to experience strong demand for high-quality, well-located housing tailored to the needs of young urban residents.”
The redevelopment will transform the vacant office structure, comprising around 15.000sqm of gross floor area, into a high-quality residential asset, the manager added.
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