Italy's Generali Real Estate, part of the Trieste-based insurer, has announced that its recent acquisition of the Marienforum project in Frankfurt marks the first deal in its new joint venture with Italian life assurance firm Poste Vita.
Generali purchased the prime office building in Frankfurt am Main's banking district from the Perella Weinberg Real Estate Fund II (PWREF II) for a rumoured €165 mln just before Christmas.
The new investment venture with Poste Vita, a subsidiary of mail group Poste Italiane, was unveiled around the same time, with a focus on the European real estate sector, and in particular, prime office and retail assets.
The developer of the Frankfurt property is Pecan Development. The 40-meter-high, ten-storey building, forms 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.
