PGIM Real Estate purchases Berlin office from PIMCO for repurposing

Global real estate investor PGIM Real Estate has purchased a Berlin office building from PIMCO Real Estate on behalf of Allianz.

Markgrafenpark complex

The property in Berlin-Kreuzberg will be converted into over 300 micro-living apartments for students and young professionals.
This acquisition is also the first for Omniliv, a new German micro-living platform led by Rainer Nonnengässer and focusing on Germany's five largest cities. OmniLiv has already secured a strong pipeline of investments.
The property, part of the Markgrafenpark complex, spans over 14,000 m².
Nabil Mabed, senior portfolio manager of the European Value-Add Strategy at PGIM Real Estate, commented: "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 that are no longer in demand, we combine developing valuable living space in prime locations with generating attractive returns for our investors."
Increasing urban populations and a growing international student population in Germany create a strong market for rental housing, particularly micro-living and student accommodations in densely populated, youthful cities. The platform aims to capitalize on this demand by offering affordable, flexible, and community-focused urban living solutions for young professionals and students.