PATRIZIA Immobilien AG subsidiary Triuva is investing roughly €400 million in the Junghof Plaza in Frankfurt on behalf of a German pension fund, Property Magazine International reported.
The 33,350-square-meter mixed-use property is being sold by a joint venture between a fund managed by PGIM Real Estate and FGI Frankfurter Gewerbeimmobilien GmbH.
An ongoing modernization of the property is expected to be completed in 2019. Anchor tenants include international law firm Clifford Chance and hotel operator Ruby Group, according to the Aug. 13 report.
The publication added that it is still awaiting official acknowledgment of the deal from both buyer and seller.