ActivumSG Capital Management has acquired a majority stake in Centralis, a fast-growing German serviced apartment platform, in a move that aims to create a €500m+ pan-European portfolio targeting the intersection of hospitality and living. The deal includes nine assets totalling 550 keys and 23,000 m² of net lettable area in Berlin, Bonn, Lübeck, Hamburg, Dusseldorf, Cologne and Nuremberg, with long-term inflation-indexed leases already in place.
Founded in 2020, Centralis has built a strong foothold in Germany’s top seven cities through value-add refurbishment and conversion strategies. The acquisition marks ActivumSG’s latest step in institutionalising a fragmented sub-sector of the hospitality market, driven by demand for short-stay rentals and increased regulatory pressure on traditional short-term residential lettings. With EU travellers spending 850 million nights in short-term accommodations in 2024, the serviced apartment segment is seeing exponential growth.
“This transaction underscores our strong conviction in the European accommodation sector, with serviced apartments sitting at the intersection of hospitality and living real estate,” said Saul Goldstein, Founder and CEO of ActivumSG. “The tech-enabled, people-light model offers premium profit margins and consistent customer experience at a time when traditional models face rising costs and labour constraints.”
Centralis’ founders, Fabian Vieregge and Lukas von Lüdinghausen, will remain as co-CEOs and retain a significant minority shareholding. ActivumSG’s on-the-ground teams in Berlin and Frankfurt will collaborate closely on asset management, underwriting and deal sourcing. Plans are underway to double the portfolio size by the end of 2025, with exclusive access to several off-market opportunities and future M&A activity being explored.
“ActivumSG’s investment and expertise will enable Centralis to scale its asset base, providing the real estate infrastructure to modern hospitality operations in a growing sector backed by multiple tailwinds,” said Johannes Vielberth, Director, Corporate Transactions at ActivumSG. “Through our value-add approach, we can generate attractive yields on cost as well as strong stabilised cash-on-cash potential.”
The strategic alignment brings together ActivumSG’s proven expertise in value-added hospitality with Centralis’ operational know-how, aiming to meet investor appetite for scalable platforms that balance operating income with real estate fundamentals. The deal also highlights the shift in investor preference towards hybrid living formats offering operational resilience and consumer relevance in today’s travel market.
People mentioned:
Saul Goldstein, Founder and CEO, ActivumSG
Johannes Vielberth, Director, Corporate Transactions, ActivumSG
Fabian Vieregge, Co-CEO, Centralis
Lukas von Lüdinghausen, Co-CEO, Centralis
Companies mentioned:
ActivumSG – real estate investment manager, acquirer of Centralis
Centralis – serviced apartment platform, retained co-CEOs
European Commission – tourism data source
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