PORTFOLIO: FUND I
9,100 sm commercial mixed use building along river in Sachsenhausen
A smooth closing and funding took place for ASG’s Fund I’s second acquisition called “Main Michelangelo” (MM). Consistent with the type of focused investment that Fund I has made, Michelangelo is a mid-sized office building in Frankfurt acquired for less than one-third of the original construction cost incurred in 2002.
Shortly after closing the transaction, ASG aggressively pursued new tenants to stabilize the building. Although the Frankfurt market is perceived to be dormant, the reality is that leasing is active. Offering attractive overall packages for prospective tenants was capitalized on such opportunities. Once occupancy reached over 90%, ASG marketed and sold MM to an Austrian fund attracted by the stable tenant base and respectable yield generated by the asset.