PRUPIM has announced that it has purchased the landmark building Oval - an office building with retail and residential units in Frankfurt, Germany, on behalf of the M&G European Property Fund.
The Oval building in Frankfurt.
The building comprises 12.113 m² of high-quality offices, 1.293 m² of retail space and 35 luxury apartments.
David Jackson, Fund Manager at PRUPIM, comments: "We are very pleased to have secured this property off-market for the M&G European Property Portfolio. The size and scale of our real estate investment activity often allows us to access and agree opportunities quickly.
"In this case we have secured a very high quality office building with a rental level well below current market. We are optimistic that we can further enhance performance through active asset management and take advantage of improving property fundamentals in the Frankfurt office market."
The "Oval" is very well situated in Frankfurt close to the main station and adjacent to the prime CBD banking district. It is prominently located at the southern gateway into central Frankfurt, and its impressive architecture makes it a well known building in the capital of the financial sector in Germany. The offices are multi-let with the biggest tenant being Union Asset Management.
Cushman & Wakefield Investors were acquisition advisors on the deal and will asset manage the investment in partnership with PRUPIM.