Activum SG Capital Management has raised €380m from global investors to deploy in German – and possibly other European – real estate markets.
Activum SG Fund III, launched in 2013, is the fund manager’s largest vehicle to date and surpassed its fundraising target of €325m.
The value-added fund manager has pursued a value-added strategy in Germany through two funds since it was founded by former Cerberus professional Saul Goldstein in 2007.
The latest fund might invest in other European countries. Activum adviser Melissa Pelz told IP Real Estate: “The fund is focused primarily on Germany, but we are starting to look more widely at other countries in Europe where we think opportunities are starting to present themselves. Our primary focus on Germany will not change though.”
One of its most recent acquisitions was an office building in Eschborn, Büropark amTaunus.
Atlantic-Pacific Capital served as the global placement agent for Fund III and played the same role for Fund II, which closed oversubscribed in September 2011 with €249m of capital commitments.
Activum has attracted an increasingly greater volume of capital with each fundraise; its first secured €56.3m in commitments. The latest fundraise took place over six months.
Goldstein said: “This capital raise comes at a perfect time for us as we are finding increasingly complex and capital intensive investments in Europe.”
Industry analysts expect 2014 to be a turning point in the European market. According to a report by PricewaterhouseCoopers, the European market “is more confident about its prospects and its ability to improve profits.”
The report goes on to note that “Europe’s economy is growing, and political uncertainty over its future declining,” and furthermore, “risk, too, is no longer a dirty word.”
