Wednesday, 26 November 2014
ActivumSG Fund II sells AOC to GLL Pan European Property Fund (DE)
ActivumSG Capital Management Ltd., the German focused real estate fund manager, has sold the “Accent Office Center“ (AOC) at Hanauer Landstraße in Frankfurt/M. to the GLL of Munich based asset manager GLL Real Estate Partners.
AOC was constructed 2004 and features 22.500 m² office space. ActivumSG had bought the asset in June 2011 refinanced it and leased it up.
Richard Wartenberg, Head of Sales & Acquisitions at ActivumSG Management GmbH states, that “AOC demonstrates how we typically reposition real estate. The asset boasts a good location in the growing East End of Frankurt. But it needed a better management. We identified the potential of the building, took over and realized a dynamic leasing strategy. Today, the building is nearly fully occupied with a well-diversified tenant structure and long leases. The rental level as well is above expectations. Thus, AOC is a fine case study how active management can create core assets.“
AOC is the first investment of GLL Pan European Property Fund, a Luxemburg FCP. With a cap rate of 6,95% the asset makes a rock solid base for the further set-up of the fund, more investments already being under examination. The fund targets institutional investors and aims at a steady dividend payout of over 5%.
ActivumSG was advised by Olswang LLP, Berlin und Hackenberg & Co. GmbH, Frankfurt.
GLL was advised by Jones Lang LaSalle and Clifford Chance, Frankfurt.