Activum fund II seals first deal in Frankfurt

Activum SG Capital Management, the European real estate fund manager, has bought the AOC office building in Frankfurt's Ostend district from Harpen Immobilien for an undisclosed amount. The transaction marks the first investment for the Jersey-based investment manager´s recently-closed second German real estate fund, Activum SG Fund II.

Completed in 2004, the scheme offers a total of 25,300 m² including 21,500 m² of offices and 4,000 m² of retail space as well as 426 parking spaces.

Activum SG Fund II is a new EUR 238 mln fund targeting distressed real estate assets and 'special situations' in Germany. The fund closed last month more than two times oversubscribed with the majority of capital commitments coming from instituitonal investors, endowments, foundations, and family offices based in Europe and in the US.

'This investment fits our strategy of rehabilitating and revitalizing notable buildings which have the potential for significant operational improvements,' said Saul Goldstein, managing partner of Activum SG Capital Management. 'The German market continues to provide strong macro conditions as well as numerous opportunities, as we scope further investments for our second fund.'

The vendor was advised by BNP Paribas Real Estate. Activum SG Advisory acted for the buyer.