PGIM Real Estate has acquired an office property in Germany that is being transformed into apartments.
PGIM Real Estate has invested an unspecified amount to acquire the office property in BerlinKreuzberg on behalf of its European value-add strategy from PIMCO Prime Real Estate on behalf of Allianz.
The asset, which is part of the Markgrafenpark building complex, is expected to be converted into over 300 apartments.
Source: realassets.ipe.com on the 2nd of June