ASG’s Fund II Sells Mercure Hotel in Berlin
16th June 2014
Jersey (UK), June 16, 2014 Activum SG Capital Management Ltd., the German focused real estate fund manager, has sold the 3-star Mercure Hotel in Berlin-Mitte to London based Internos Global Investors.
ASG originally bought the asset in early 2012 as part of a mixed use complex called “Chausseehof” that included an adjacent 8,500 square meter landmarked office building, as well as 44 residential units that were sold to a private investor in September 2012. The office building at Chausseestraße 111 was originally erected for the Chamber of Industry and Commerce of the former German Democratic Republic 1954 and is today heritage listed.
Richard Wartenberg, who is in charge for acquisition & sales at Activum SG Advisory GmbH, comments: “This asset sale was a win-win situation for both ASG and Internos. ASG’s Fund II achieved its desired returns on the sale while Internos will reap the future benefit of a high performing asset in an increasingly desirable location both close to the main train station in Berlin and around the corner from the new German intelligence agency headquarters.”
ASG was advised by Hackenberg & Co. GmbH, Frankfurt, and Olswang LLP, Berlin.