ASG’s Fund I sells offices in Munich and Frankfurt
24th November 2014
7,900 square meter office building in Munich and 9,100 square meter office building in Frankfurt sold to FLE.
Jersey, Frankfurt, Munich – 20 November 2014 – ActivumSG Capital Management Ltd., the German focused real estate fund manager, has sold two assets in its Fund I portfolio – Main Michelangelo in Frankfurt and G1 in Munich – to the real estate investor FLE GmbH in Vienna. The assets were sold for an undisclosed sum.
Main Michelangelo is a 9,100 square meter office building located at Gerbermühlenstrasse 9-11 in the Sachsenhausen area of Frankfurt. Grünwalder is a 7,900 square meter office building located in Grünwalder Strasse 1 near the “Mittlerer Ring” of Munich. Both assets were purchased with significant vacancy and repositioned through an active lease up approach.
Richard Wartenberg, Head of Acquisitions and Sales at ActivumSG Advisory GmbH, stated “both these assets have similar stories – office buildings in secondary locations in prime German cities where an active lease up/value add strategy meant that we took the occupancy from under 50% to over 90%. We are thrilled to sell these assets on to FLE who will benefit from the attractive yields and stable tenant bases offered by these two high quality buildings.”
ASG was advised by SCHALAST & PARTNER Rechtsanwälte mbB, Frankfurt and Hackenberg & Co. GmbH, Frankfurt.