ActivumSG Capital Management has acquired 19 petrol filling stations in northern Spain on behalf of its latest fund.

eroski filling station

Eroski Filling Station

ActivumSG Fund V, which last month raised €489 mln at its final close, acquired the stations from a fund managed by AXA IM Real Assets. The parties agreed not to disclose the purchase price.

Saul Goldstein, ASG’s founder and managing partner, said: 'Since we opened our office in Madrid four years ago, we have broadened the range of investments in Spain to the office, retail and residential sectors. Our local team knows these gas stations extremely well, having managed them in the past. This allowed us to move quickly to secure this opportunity.'

All of the gas stations are occupied and operated on long-term leases by the hypermarket chains Eroski (15) and Carrefour (4), which have major outlets nearby.

Fund V focuses on value-add opportunities in German and Spanish real estate. Its other investments include mezzanine financing for various developments in Berlin, residential development and land purchases in Spain, and the German real estate fund platform for retail investors, fairvesta.