ASG’s Fund III purchases GRK Holding
2nd December 2015
By acquiring a further residential project developer, ASG is extending its market position.
Jersey (UK), December 2nd 2015 – Fund III of the European real estate fund manager ActivumSG Capital Management Ltd. has acquired the share majority of the GRK Holding AG through its stake in Formart Holding B.V.
As the leading project developer and building promoter GRK Holding AG has been building, managing and renting out high-class real estate in Leipzig and the surrounding areas since 1991. The main area of expertise of GRK Holding AG, which has been officially recognised several times, is the development and restoration of historic buildings as well as the revitalization and conversion of special real-estate holdings.
GRK Holding AG is the second acquisition of a project developer by ASG. With the formart GmbH & Co. KG, ASG has already purchased one of the largest residential developers in Germany. The aim is to establish a common nationwide leading project development group in the residential sector. The complementary expertise of formart and GRK in the fields of acquisition, sales and construction management are an ideal basis for growing at an above-average rate, particularly in the strong metropolitan regions and big cities during the coming years.
Saul Goldstein, Managing Partner of ASG explains: “With the acquisition of formart last year, ASG very consciously entered the residential development business, as we are certain of the long-term attractiveness of this market. GRK Holding, particularly with its know-how and excellent process-management as well as refurbishment expertise and its local orientation, is an ideal addition to our portfolio.” Steffen Göpel, founder and shareholder of GRK Holding adds: “ASG’s acquisition of GRK Holding is important for the long-term implementation of our growth targets. For this reason formart provides an excellent platform for a nationwide expansion.” Göpel maintains his equity investment in Formart Holding and will be actively involved in the next development stage.
GRK Holding, employing staff of approximately 55 people, will be operating independently in the market in the future, as will formart. The management board also remains unchanged. The closing of the transaction takes place in December.