ActivumSG Capital Management has acquired a mixed-use building in the German city of Halle for its Fund V.
Financial details were not disclosed.
On behalf of its Fund V, ActivumSG has bought a 22,000 m2 building dubbed Ritterhaus, from an international real estate investment management company.
The lower, ground and first floors form a shopping arcade, while the upper five levels are in office use or rental apartments. About 10% of the building’s commercial space is vacant.
Richard Wartenberg, head of real estate at ActivumSG advisory GmbH, commented: ‘We will draw on our retail experience to reposition Ritterhaus for institutional owners, who we expect to look increasingly outside Germany’s Big Six markets for prime, income-producing properties which offer a better value.’
This acquisition is the 11th investment between Germany and Spain by Fund V, which has allocated around two-thirds of the €489 mln amassed by December’s final close of capital-raising.
Saul Goldstein, ASG founder and managing partner, said: ‘Our pipeline of investments and the pace of our capital deployment mean the fund is on course to be fully invested by the second half of 2019.’