ASG’s Fund III purchases office complex in Frankfurt
27th August 2015
Planned repositioning of the 21,000 sm ‘Saonehaus’ in Frankfurt-Niederrad through residential re-development.
Jersey (UK), 27th August, 2015 – ActivumSG Capital Management Ltd., a real estate fund manager with a European focus, acquired the ‘Saonehaus’, located in the heart of the dynamically developing Lyoner Quarter in Frankfurt-Niederrad. ‘Saonehaus’ is a high quality office complex with excellent connections to the surrounding infrastructure. One repositioning option is to convert the office building into residential space which mirrors the shift of the Lyoner Quarter into a mixed use area.
Richard Wartenberg, Director of Acquisitions and Sales at ActivumSG Advisory GmbH on the purchase: “The Lyoner Quarter is rapidly changing from an office only area into a mixed-use urban quarter. This is an ideal opportunity to convert under-utilized office space into functional, desirable residential living space where demand is increasing.”
Saul Goldstein, founder of ASG, commented on this latest purchase: “This property is an ideal fit with ASG’s value-add and redevelopment asset-management strategy. While this space is useable as an office, it offers the perfect chance for a residential redevelopment where we have considerable expertise.”
This is the latest acquisition by ASG funds in the Frankfurt area. ActivumSG Capital Management Ltd. was advised by ActivumSG Advisory GmbH and Noerr LLP. The seller was advised by the NAI Apollo Group and Latham & Watkins LLP.