ActivumSG Fund II sells AOC to GLL Pan European Property Fund
22.500 m² office building in Frankfurt sold to GLL Pan European Property Fund of Munich based asset manager GLL Real Estate Partners GmbH
Jersey/Frankfurt/Munich, 26 November 2014 – ActivumSG Capital Management Ltd., the German focused real estate fund manager, has sold the „Accent Office Center“ (AOC) at Hanauer Landstraße in Frankfurt/M. to the GLL of Munich based asset manager GLL Real Estate Partners.
AOC was constructed 2004 and features 22.500 m² office space. ActivumSG had bought the asset in June 2011 refinanced it and leased it up.
Richard Wartenberg, Head of Sales & Acquisitions at ActivumSG Advisory GmbH states, that „AOC demonstrates how we typically reposition real estate. The asset boasts a good location in the growing East End of Frankurt. But it needed a better management. We identified the potential of the building, took over and realized a dynamic leasing strategy. Today, the building is nearly fully occupied with a well-diversified tenant structure and long leases. The rental level as well is above expectations. Thus, AOC is a fine case study how active management can create core assets.“
AOC is the first investment of GLL Pan European Property Fund, a Luxemburg FCP. With a cap rate of 6,95% the asset makes a rock solid base for the further set-up of the fund, more investments already being under examination. The fund targets institutional investors and aims at a steady dividend payout of over 5%.
ActivumSG was advised by Olswang LLP, Berlin und Hackenberg & Co. GmbH, Frankfurt. GLL was advised by Jones Lang LaSalle and Clifford Chance, Frankfurt.
ActivumSG Capital Management Ltd. is a Jersey-based real estate fund manager – regulated by the Jersey Financial Services Commission – that repositions real estate related investments, primarily in Germany. It manages a series of discretionary real estate funds and is advised by Berlin based Activum SG Advisory GmbH. The group was founded in 2007 by Saul Goldstein and currently has a team of thirteen. For more information, visit website at www.activumsg.com or follow Activum on Twitter @activumsg
About GLL Real Estate Partners:
GLL Real Estate Partners were founded in 2000 by Rainer Goebel, Gerd Kremer and Dietmar Georg. GLL is focused on real estate investment management in Europe, Latin America and the United States and creates and manages real estate investment funds for institutional investors (mainly in the Core and Core+ spectrum). GLL established local offices and vast networks in these markets in order to create opportunities, preserve value and generate growth. GLL has a large and balanced institutional backing across the insurance and pension fund industry with current assets under management of approx. EUR 4.9 billion. More about GLL Real Estate on www.gll-partners.com
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