Generali Real Estate, acting in a joint venture with Poste Vita, has acquired Marienforum office building in Frankfurt am Main, Germany. The purchase marks the first deal completed on the behalf of the joint venture 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 an investment adviser, and the developer of the property is Pecan Development. The purchase price was not disclosed.
Located in the heart of the city’s central business district, the 40-meter-high, ten-storey building currently hosts the Frankfurt headquarters of ABN AMRO / Bethmann Bank and other office tenants, with retail units at ground floor. The transaction, with 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.