ActivumSG Capital Management’s (ASG) fifth fund has acquired 19 gasoline filling stations in Northern Spain for an undisclosed sum.

The Jersey-based turnaround specialist focused on European real estate investments, said it bought the assets from a fund managed by AXA Investment Managers - Real Assets.

ASG said all the gas stations are occupied and operated on long-term leases by the hypermarket chains Eroski and Carrefour.

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.”

Last month, ActivumSG’s Fund V, which focuses on value add opportunities in German and Spanish real estate, raised €489m at close.

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.