ASG’s Fund II sells AOC to GLL Pan European Property Fund
26th November 2014
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. ASG 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%.
ASG was advised by Olswang LLP, Berlin und Hackenberg & Co. GmbH, Frankfurt. GLL was advised by Jones Lang LaSalle and Clifford Chance, Frankfurt.