European real estate investors Activum SG and Stam Europe have jointly acquired a 19,500-m[sup]2[/sup] office building in the German city of Hanover from Immobilienverwaltungsgesellschaft Grammophon Büropark.
European real estate investors Activum SG and Stam Europe have jointly acquired a 19,500-m2 office building in the German city of Hanover from Immobilienverwaltungsgesellschaft Grammophon Büropark.
The vendor is a wholly-owned subsidiary of property lender Eurohypo. The parties agreed not to disclose the transaction volume.
This is Activúm's third acquisition in Germany and its first together with Stam Europe in Germany. The building known as Grammophon Park is located at Podbielskistrasse 158-168 in Hannover.
Saul Goldstein, managing partner of Activum SG Capital Management, commented: 'This is a well-located, modern office building and requires an active owner. In today's environment, Germany is one of the few real estate investment markets offering solid risk-adjusted returns for investors that focus on asset management.
Oliver Zimper, managing partner of Stam Europe, added: 'The principals of Activum SG and STAM Europe have worked with each other for many years and together we were able to act quickly to meet the seller's objectives and timeframe.'
