PGIM Real Estate and Frankfurter Gewerbeimmobilien GmbH (FGI) have signed an agreement with TRIUVA for the sale of Junghof Plaza, a 33,000m² mixed-use redevelopment in Frankfurt. TRIUVA will acquire the asset on behalf of a German pension scheme upon completion of the redevelopment. The scheme will incorporate a modern office space featuring two inner courtyards, retail space with food and beverage outlets, and a hotel. Demolition work has begun, with construction due to commence in the autumn.
Located on Junghofstrasse, in the banking quarter of Frankfurt’s central business district, Junghof was acquired by the joint venture in December 2016. The asset enjoys a central location and benefits from a close proximity to an established retail area. The property is more than 60% pre-let to tenants including Clifford Chance, Ruby Hotels and L’Osteria.
Sebastiano Ferrante, head of Germany and Italy for PGIM Real Estate, commented: “Having acquired Junghof as a vacant and partially obsolete building, we are delighted with the progression of this major project in Frankfurt’s commercial business district. In addition to releasing the project to prime tenants, one of our key objectives was to identify a reliable and reputable purchaser to further the execution of the project. We believe we have secured an ideal partner in TRIUVA on this forward sale.”
Joerg Benkelberg from FGI said: “The FGI team is excited to implement this development and successfully bring Junghof Plaza to the market as a high-quality mixed-used property.”
