Activum SG Capital Management Ltd, the European real estate fund manager, announces the first investment from its recently closed second German real estate fund with the acquisition of the 'AOC' building in Frankfurt.
Located in the city's increasingly popular Ostend district close to the site of the new European Central Bank, the 25,307-m² building on Hanauer Landstrasse completed in 2004 comprises 21,553 m² of office space, 3,699 m² of retail space, 85 m² of archive space and 426 parking spaces.
Harpen Immobilien is the seller and has been advised by BNP Paribas Real Estate. The deal value has not been disclosed. The fund was advised in the transaction by Activum SG Advisory GmbH, the firm's eight strong specialist team based in Berlin.
This is the first investment from Activum SG Fund II, a new 238-million fund targeting distressed real estate assets and 'special situations' in Germany. The fund closed last month more than two times oversubscribed and was supported by a broad-base of US and European investors, with the majority of capital commitments from institutional investors, endowments, foundations, and family offices.
Saul Goldstein, Managing Partner of Activum SG Capital Management Ltd, "This investment fits our strategy of rehabilitating and revitalizing notable buildings which have the potential for significant operational improvements.
"We anticipate growing demand for high quality space in this location, and tenants will benefit from our ability to upgrade the fabric and facilities of this building as a whole. The German market continues to provide strong macro conditions as well as numerous opportunities, as we scope further investments for our second fund."
The manager's first fund controls more than 920,000 ft² of mixed use commercial, retail, and residential buildings across Germany in established locations in Frankfurt, Berlin, Hannover, Cologne and Munich.
Source: Uplands PR