ASG fund raises €489 million for a strategy focused on scaling up companies exposed to attractive real estate investment themes
Jersey (UK), January 11th, 2018 – ActivumSG Fund V, the latest European fund managed by real estate turnaround specialist ActivumSG Capital Management Ltd. (ASG), has secured €489 million at its final close of capital-raising. International investors’ commitments support a strategy that pivots away from conventional property purchases to focus on building up corporate platforms and other indirect paths to gain exposure to attractive real estate market investment themes.
Saul Goldstein, ASG’s Founder and Managing Partner, said: “We’ve adapted our strategy because direct real estate markets are so competitive. Taking the indirect route allows us to avoid the herd and get exposure to strong investment themes through corporate purchases or mezzanine finance. If we cannot find the right platform that we can scale up, we build it ourselves – as we have done with ASG Homes to seize Spain’s compelling residential development opportunities.”
ASG opened its Madrid office in 2014 and has built up a team of 24 with a strong focus on residential development in a market dislocated by the 2008 property crash. ASG Homes manages projects which are scheduled to deliver a total of 400,000 sm of housing.
In Germany, the predecessor to Fund V made three corporate investments, creating Instone Real Estate by combining residential developers formart and GRK. The same fund also purchased one of the largest retirement home developers in Germany, WI Immo.
The sum raised by Fund V is the largest amount of equity raised to date by ASG funds and more than half of the capital came from existing investors. The Fund has already committed more than €200 million of the equity raised to investments in Germany and Spain, including this week’s announcement of the purchase of fairvesta, the real estate fund platform serving retail investors from across Europe.
ActivumSG Capital Management Ltd. (ASG) is a Jersey-based real estate investment manager focused on Germany and Spain. The group was founded in 2007 by Saul Goldstein after he left Cerberus, where he held a variety of senior roles. ASG currently has five discretionary closed-end real estate funds under management with a combined initial equity commitment of €1.5 billion. ASG funds invest in high quality properties and real estate-backed businesses with significant unrealized potential. Through hands-on asset management by its local teams, ASG repositions properties so that they generate the stable cash flows that appeal to prospective institutional buyers. ASG is regulated by the Jersey Financial Services Commission. For more information, visit the website at www.activumsg.com
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