Activum, the European real estate investor and turnaround manager, said it has acquired an 8,800 m[sup]2[/sup] office building in Frankfurt from WestFonds Immobilien-Anlagegesellschaft mbH, a wholly owned subsidiary of WestLB. The parties agreed not to disclose the transaction volume.
Activum, the European real estate investor and turnaround manager, said it has acquired an 8,800 m2 office building in Frankfurt from WestFonds Immobilien-Anlagegesellschaft mbH, a wholly owned subsidiary of WestLB. The parties agreed not to disclose the transaction volume.
The Michelangelo office complex was completed in 2003. It is Activum's second acquisition to date. In October 2008, the group bought a 22,000 m2 office and retail complex in Berlin from an insolvent company for an undisclosed sum. Activum expects to invest approximately EUR 500 mln in buying up properties over the next three years.
Commenting on the deal, Saul Goldstein, Managing Partner of Activum SG Capital Management, said: 'This is a well-located, modern office building. It requires an active owner and aggressive marketing plan. We can attract tenants because we will offer excellent space for a rent less than half of that for comparable space in the banking district.' He continued: 'Germany is one of the few real estate investment markets offering solid risk-adjusted returns for value-added investments. As a cash buyer in this environment our strategy requires patience and perseverance.'
WestFonds was advised by Jones Lang LaSalle on this transaction.
