ASG Opens Madrid Office
9th March 2015
ASG’s Fund III already executes two investments in Spain through advisor ASG Iberia Advisors S.L.
Jersey, March 9th, 2015. Activum SG Capital Management Ltd., the European real estate fund manager, is expanding its footprint by opening an office in Madrid that will focus on value-add investment opportunities in Spain.
ASG Iberia Advisors S.L. is led by Cerberus veteran Brian Betel with Carlos Molero y Sanchez de la Blanca, former head of the PwC and KPMG Real Estate Transactions (single assets) Spain, and Alejandro Adan Manes, previously with AXA Real Estate in London, leading acquisitions and asset management.
ASG’s Fund III has already made two investments in Spain – one 2,400 sqm retail redevelopment in the Fuencarral district of Madrid and one 6,185 sqm value-add office repositioning in prime CBD Madrid.
Saul Goldstein, founder of ASG comments, “Spain’s improving economic outlook coupled with a surge in non-performing assets coming to market provides ideal conditions for entering the market. We are employing the same approach to investing in Spain as we have done in Germany. It is an integrated, but fully focused on the ground team.”
Brian Betel adds: “I am excited to join ASG as a partner and lead our team of experienced professionals in Madrid. The timing is perfect to invest in real estate in Spain. We will continue to seek out undervalued assets where active asset management will reposition and stabilize these assets as the market recovers.”