ActivumSG Capital Management has raised €550m to target distressed real estate investment opportunities in Europe.

The manager said the ActivumSG Real Estate Fund VI fund, which received the capital commitments from international investors, will focus on distressed opportunities or creating value in turnaround situations, mainly in five markets – Germany, the Netherlands, Spain, Portugal and the UK.

The fund received commitments from 70% of investors in ActivumSG’s preceding fund and attracted 11 new investors.

Fund VI has already committed more than 50% of the total amount of capital raised by its final close, the manager said.

The fund’s investments include the acquisitions of Dutch-based operator Odyssey Hotel Group and Nobu Hotel Barcelona at the end of 2020. The fund also bought Dutch residential developer VanWonen.

Saul Goldstein, CEO and founder of ActivumSG Capital Management, said: “We’re bringing much-needed liquidity to distressed situations and sectors. Hospitality was one of the first to fall into distress, which is why it’s a major investment theme for our fund.

“Standing assets are starting to offer value now after several years of prohibitive pricing. We’ve been steadily closing transactions for Fund VI and have sourced a strong pipeline of deals thanks to the experienced local investment teams we have on the ground.”

Annemarie Manning, ActivumSG’s head of business development and investor relations, said: “Our strong pipeline means investors can expect their capital to be put to work fast. We will also probably need to raise a successor fund in the second half of the year.”

To read the digital edition of the latest IPE Real Assets magazine click here. 

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