Activum Capital Management and STAM Europe have sold Grammophon Park, a 19,500 m² office building located in Hanover for an undisclosed price to Canadian REIT Dundee International. This building was an early investment of Activum's first opportunistic real estate fund raised in late 2008. This was a classic turn-around investment.
Grammophon Park, a 19,500 m² office building, was sold to Canadian REIT Dundee International.
Activum Founder Saul Goldstein, stated "As an active investor and asset manager, we continually buy and improve buildings. Of course, we then sell buildings once we have created a stable, secure product. In many cases we will continue to manage these to provide a seamless service for tenants."
He continues, "There is an increasing demand for well leased, high quality buildings that can produce very strong equity cash returns for long-term investors. Effectively, we can create this product through our strong asset management and execution platform."
Goldstein who spent nine and a half years at Cerberus Capital Management says, "There are an increasing number of complex transactions in the real estate market where we can bring capital and strategies to unlock value. We are seeing a wide range of classic, opportunistic investments."
Activum, which closed its second European real estate opportunity fund in late 2011, has already invested 125 million of the 248.5 million raised, and plans to invest the remainder in assets located in prime German cities during the next two years.
"The fund-raising environment favors skilled teams like Activum who can execute value-add strategies at the asset level."
Source: Activum SG