ActivumSG Capital Management’s (ASG) fifth fund has bought a 22,000sqm mixed-use building in Germany for an undisclosed sum.
The Jersey-based turnaround specialist focused on European real estate investments, said ActivumSG Fund V has acquired the Ritterhaus building on Halle’s pedestrianized Leipziger Strasse, from an international real estate investment management company.
The property’s lower, ground and first floors form a shopping arcade, while the upper five levels are in office use or rental apartments, the manager said.
About 10% of the building’s commercial space is vacant.
The acquisition is the 11th investment in Germany and Spain by Fund V, which has committed around two-thirds of the €489m amassed by December’s final close of capital-raising.
Saul Goldstein, ASG founder and managing partner, said: “Our pipeline of investments and the pace of our capital deployment mean the fund is on course to be fully invested by the second half of 2019.”
Richard Wartenberg, Head of Real Estate at ActivumSG Advisory, said: “Halle offers good fundamentals with its historic university and young population, vibrant business sector and improving high-speed rail connections.
“We will draw on our retail experience to reposition Ritterhaus for institutional owners, who we expect to look increasingly outside Germany’s Big Six markets for prime, income-producing properties which offer a better value.”
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