Capital Bay, the new value-add investment platform launched by Arbireo Capital's former director George Salden, has made its first acquisition with the purchase of a commercial asset in southeast Berlin.
The transaction, which took the form of a share deal, amounted to €15 mln.
The listed property is in need of extensive refurbishment measures. Capital Bay plans to execute core refurbishment works on the building and to extend the total floor area to 5,000 m2, thereby increasing the effective lettable area by 40%.
The company, which raised €150 mln of investment capital earlier this year, plans to expand its portfolio to €1 bn by the end of the year.
The firm will focus on German residential and commercial real estate acquisitions in the value-add risk-profile.
'Investors are now focusing on value-add and opportunistic transactions, as well as on the acquisition of real estate developments opportunities. I founded Capital Bay to manage the entire value chain of real estate Investments,' commented Salden, who in his career has worked on over €5 bn of deals.
He was previously a member of Arbireo Capital's management board, as well as the head of residential transaction at Lübke & Kelber. Prior to this period, Salden held the post of managing director at Alt+Kelber Immobilien Management, a subsidiary of Conwert Immobilien Invest SE, was responsible for international transactions in the real estate realm.
Capital Bay launched with six employees.
