Jersey-based ActivumSG Capital Management has acquired a 21,000 m2 office building in the Niederrad district of Frankfurt, potentially for conversion to apartments.
Jersey-based ActivumSG Capital Management has acquired a 21,000 m2 office building in the Niederrad district of Frankfurt, potentially for conversion to apartments.
ActivumSG carried out the acquisition of the Saonehaus complex on behalf of its Fund III. The financial details were not disclosed.
Bilfinger Real Estate managed the sale on behalf of an institutional investor.
Saonehaus is located in the developing Lyoner Quarter in Frankfurt-Niederrad. Richard Wartenberg, director of acquisitions and sales at ActivumSG Advisory, said: 'The Lyoner Quarter is rapidly changing from an office-only area into a mixed-use urban quarter. This is an ideal opportunity to convert under-utilized office space into functional, desirable residential living space where demand is increasing.'
ActivumSG Capital Management was advised by ActivumSG Advisory (Germany) and Noerr. The seller was advised by the NAI Apollo Group and Latham & Watkins.
