omniLiv

Nabil Mabed

Head of France, Spain & Portugal, Senior Portfolio Manager, European Value Add Strategy

“By converting obsolete office buildings which are no longer in demand, we combine developing valuable living space in prime locations with generating attractive returns for our investors.”

FRANKFURT, Germany, 2 June 2025

PGIM Real Estate has acquired an office property in Berlin-Kreuzberg on behalf of its European value-add strategy from PIMCO Prime Real Estate on behalf of Allianz. PGIM Real Estate is planning a conversion, aiming to develop more than 300 apartments. With assets under management of US$206 billion, PGIM Real Estate is the third-largest real estate investment company in the world.¹

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 over 14,000 sqm. PGIM Real Estate is planning to convert the asset into micro-living apartments, targeting students and young professionals.

Nabil Mabed, senior portfolio manager of the European Value-Add Strategy at PGIM Real Estate, comments: “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 no longer in demand, we combine developing valuable living space in prime locations with generating attractive returns for our investors.”
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ABOUT PGIM REAL ESTATE

‍PGIM Real Estate is the world’s third-largest real estate investment manager, with US$206 billion in gross assets under management and administration¹, and real estate professionals located in 35 cities worldwide. Built on our belief that strong performance is fuelled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimisation, and timely capital deployment amid shifting market conditions.

Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect. We strive to integrate sustainable best practices throughout our investment, asset management, risk and talent management processes for the benefit of our clients, employees, and the communities in which we operate. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). For more information visit pgimrealestate.com.

ABOUT PGIM

‍PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). In 41 offices across 19 countries, our more than 1,450 investment professionals serve both retail and institutional clients around the world.

As a leading global asset manager with US$1.39 trillion in assets under management², PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialised expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
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¹As of 31 Dec. 2024. Net AUM is US$132 billion and AUA is US$47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024.

² As of 31 March 2025.

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For media use only. All investments involve risk, including the possible loss of capital.

© 2025 PGIM Real Estate is the real estate investment management business of PGIM, the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. PGIM is a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”). Registration with the SEC does not imply a certain level of skill or training. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. Prudential, PGIM, their respective logos and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. In the United Kingdom, information is issued by PGIM Private Alternatives (UK) Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 181389). These materials are issued by PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined under the rules of the FCA. In the European Economic Area (“EEA”), information is issued by PGIM Luxembourg S.A. with registered office: 2, boulevard de la Foire, L1528 Luxembourg. PGIM Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Sector Financier in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, this information, where permitted, may be presented by either PGIM Private Alternatives (UK) Limited or PGIM Limited in reliance of provisions, exemptions, or licences available to either PGIM Private Alternatives (UK) Limited or PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. PGIM Limited and PGIM Private Alternatives (UK) Limited have their registered offices at: Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). PGIM Private Alternatives (UK) Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 181389). These materials are issued by PGIM Luxembourg S.A., PGIM Limited or PGIM Private Alternatives (UK) Limited to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II) and/or to persons who are professional clients as defined under the rules of the FCA. PGIM operates in various jurisdictions worldwide and distributes materials and/or products to qualified professional investors through its registered affiliates including, but not limited to: PGIM Real Estate (Japan) Ltd. in Japan; PGIM (Hong Kong) Limited in Hong Kong; PGIM (Singapore) Pte. Ltd. in Singapore; PGIM (Australia) Pty Ltd in Australia; and PGIM Luxembourg S.A. and PGIM Real Estate Germany AG in Germany. For more information, please visit pgimrealestate.com.

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PGIM Real Estate acquires Berlin office property from PIMCO for conversion into residential space