Patrizia subsidiary Triuva, on behalf of a German pension fund, has bought the Junghof Plaza in the center of Frankfurt for €400 million ($456 million), according to local German media outlets.
The seller is a joint venture of a fund administered by PGIM Real Estate and FGI Frankfurter.
An official statement has not been released.
Junghof Plaza is currently under development. Accordingly, by the end of 2019, approximately 20,800 square meters (224,000 square feet) of office space, 7,600 square meters (82,000 square feet) of hotel space, and 3,000 square meters (32,000 square feet) of retail space, as well as an underground car park with 996 parking spaces will be delivered.
