has acquired an office building in Frankfurt鈥檚 Gallus district for conversion into more than 300 residential units, the manager鈥檚 second acquisition for its German micro-living platform, omniLiv.
The asset, purchased for 鈥檚 European value-add strategy, will be redeveloped into high-quality micro-living apartments and student housing.
This transaction follows PGIM鈥檚 real estate鈥檚 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 business鈥� European value-add strategy, said: 鈥淭his acquisition underscores the continued commitment by PGIM鈥檚 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.鈥�
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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