PGIM Real Estate has acquired an office property in Berlin-Kreuzberg on behalf of its European value-added strategy from PIMCO Prime Real Estate on behalf of Allianz. PGIM Real Estate is planning a conversion, aiming to develop more than 300 apartments.
The acquisition also marks the first completed transaction for Omniliv. Led by Rainer Nonnengässer, the micro-living platform Omniliv is building up a portfolio of properties in the five largest German cities and has already secured a strong investment pipeline.
The asset is part of the Markgrafenpark building complex in Berlin Kreuzberg and has a gross floor area of more than 14,000 square meters (151,000 square feet). PGIM Real Estate is planning to convert the asset into micro-living apartments, targeting students and young professionals.
“In large cities around Europe, there is a massive demand for apartments adapted to the needs of the young generations. By converting obsolete office buildings which are n
