Patrizia-owned Tuvia acquires Frankfurt mixed-use asset
Tuvia, a Patrizia company, has agreed the forward purchase of Junghof Plaza, a 33,000-square metre, mixed-use property in Frankfurt, in an off-market transaction on behalf of a large German pension scheme.
The vendor is the joint venture of PGIM Real Estate and FGI Frankfurter Gewerbeimmobilien. The purchase price has not been disclosed.
Philipp Schaper, Group Head of Transaction at Patrizia, says: “The Junghof Plaza will create a first-class landmark asset and a new destination within Frankfurt’s city centre. Due to the outstanding location, we are convinced that we can realise significant increases in value for our client.”
Located on Junghofstrasse, in the banking quarter of Frankfurt’s central business district, Junghof is a redevelopment project that benefits from proximity to established retail locations. The asset will be redeveloped into modern office space featuring two inner courtyards, retail space with food & beverage outlets, and hotel use.
The property is more than 60 per cent pre-let to tenants including Clifford Chance, Ruby Hotels and L’Osteria. Demolition works have begun, with construction due to commence shortly.
Tuvia was advised on legal matters by Hogan Lovells and on technical issues by Arcardis, as well as commercially by Cushman & Wakefield and 3REAL. The pension scheme was accompanied by the law firm Curtis, Mallet-Prevost.