ASG’s Fund III acquires formart from HOCHTIEF AG
6th October 2014
Acquisition of second largest housing developer in Germany will increase ASG’s footprint in the residential market Activum SG Capital Management Ltd., the German focused real estate fund manager, has acquired the residential real estate developer formart from Hochtief AG.
Riding on the success of two other residential project developments in Fund II, Jolie Coeur and Metropol Park in Berlin, ASG sees formart as an excellent opportunity to further increase its exposure to this growing market segment and expand its geographic footprint throughout Germany. ASG shares the view of the formart management that long-term and stable demand by both owner-occupiers and retail and institutional investors for high quality residential space will continue to drive the market upward. Post-acquisition, formart will remain an independent organization led by the current management.
Saul Goldstein, founder and owner of ASG comments: “The management of formart has done an excellent job in building out the platform into what is now a portfolio of high quality residential assets that complement our own investment portfolio. Together with the management, we will consolidate the company into a stand-alone entity and support further growth in regions and product lines to support formart’s future development.”