PORTFOLIO: FUND I

Grammophon (Hanover)

19,500 sm office complex in attractive neighborhood in Hanover

In March 2010 ASG’s Fund I closed its third acquisition with Grammophon Park in Hanover. This was a quick, off-market transaction with the real estate branch of a German bank.

The building boasts quality construction, a good floor layout and a decent location in a centrally located neighborhood. ASG leased up the vacant and rolling space at market levels. By applying the same asset management principles of high customization and service and a flexible, yet tailored approach to leasing, as used in the Michelangelo and Goldpunkt projects, ASG locked high quality new and existing tenants into relatively long leases. Due to the success of previous Fund I projects and the excellent building quality and location, ASG obtained third party financing at favorable terms, which further enhanced the equity returns for investors.

Ultimately, the building was sold in March 2012, just two years after purchase, to a Canadian REIT.  As a result of ASG´s deal making, management, and financing know-how, investors in Fund I benefited from a high equity return and profit multiple.

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