Private equity group ActivumSG Capital Management has become the sole owner of Instone Real Estate with the acquisition of Instone founder and shareholder Steffen Göpel's stake in the German residential developer.
ActivumSG, which was founded by former Cerberus director Saul Goldstein, is taking full control after buying a majority stake in the company in December 2015. At the time, the company was known as GRK Holding and was later merged with developer Formart under the brand of Instone Real Estate Group.
The parties have agreed not to disclose the purchase price.
The transaction is expected to close in November 2017.
Instone Real Estate focuses on Germany’s key metropolitan regions. The company annually plans, builds and markets an average of 1,000 residential units for owner-occupiers, for private buy-to-let and for institutional investors, and has a workforce of 236 full-time employees across seven branches in Germany. Instone Real Estate’s project portfolio currently has an estimated sales volume of more than €3 bn.
Saul Goldstein, founder and managing partner of ActivumSG, said: 'Now that GRK and formart were brought together under the umbrella of Instone Real Estate, we established a leading nationwide operating real estate developer platform with strong and profitable growth prospects in the future.'
Noerr advised the buyer.
ActivumSG Capital Management is a Jersey-based private equity real estate fund manager with a current focus on Germany and Spain. Saul Goldstein founded the group in 2007 when he left Cerberus, where he held a variety of senior roles. ActivumSG currently advises five discretionary closed-end real estate funds with more than €1.3 bn of equity under management.
