Fund II Makes First Investment in Mannheim
26,000 square meter office building is 8th investment in Fund II
Activum SG Capital Management Ltd., the German focused real estate fund manager, has newly acquired a 26,000 square meter office building from a subsidiary of lender RBS for around €30 million. It is the eighth investment made by Fund II.
The building is located 3 km southeast of Mannheim City center, close to the Mannheim
Airport. The surrounding area consists of an upscale office park and local social and sports facilities, and has excellent access to public transportation.
As Managing Partner of ActivumSG Capital Manaagement Ltd, Saul Goldstein notes that: “this high occupancy, high quality building is in a well-located, popular office submarket and boasts large floor plates that offer an unusually large, contiguous space, which we think will continue to attract in the future.”
Commenting on the acquisition, Goldstein continues: “we have found success in our strategy of acquiring properties in need of active asset management where we can create strong cash flow. The Mannheim acquisition is similar to our Activum Fund I acquisition Grammophon Park in Hanover, which we sold after two years upon stabilizing the cash flow to an attractive yield level.”
Activum SG Capital Management Ltd. was advised by Berlin based Activum SG Advisory GmbH and Noerr LLP based in Germany.