Generali buys Frankfurt’s Marienforum
The “Marienforum”, an office complex currently under construction, will presumably change hands in early 2019. Perella Weinberg Real Estate Fund II LP (PWREF II) has recently signed an agreement for its sale to an investment vehicle of the Generali Group. TD has been informed that the purchase price was just under €170mn, corresponding to a factor of 32. The 40-meter, ten-story Marienforum is part of the Marieninsel office ensemble located in Frankfurt’s central banking district. The ensemble also includes the 155-m “Marienturm” tower and the new public square “Marienplatz”, featuring restaurants and retail shops. It is being developed by Pecan Development for PWREF II. Its anchor tenant will be Bethmann Bank (8,000 sqm). A lease was recently signed by Columbia Threadneedle Investments as well: the asset management company will set up its German office on around 600 sqm of lettable space on the top floor in the second quarter of 2019.
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