ActivumSG Capital Management鈥檚 (ASG) fifth fund has bought a 22,000sqm mixed-use building in Germany for an undisclosed sum.
The Jersey-based turnaround specialist focused on European real estate investments, said ActivumSG Fund V has acquired the Ritterhaus building on Halle鈥檚 pedestrianized Leipziger Strasse, from an international real estate investment management company.
The property鈥檚 lower, ground and first floors form a shopping arcade, while the upper five levels are in office use or rental apartments, the manager said.
About 10% of the building鈥檚 commercial space is vacant.
The acquisition is the 11th investment in Germany and Spain by Fund V, which has committed around two-thirds of the 鈧�489m amassed by December鈥檚 final close of capital-raising.
Saul Goldstein, ASG founder and managing partner, said: 鈥淥ur pipeline of investments and the pace of our capital deployment mean the fund is on course to be fully invested by the second half of 2019.鈥�
Richard Wartenberg, Head of Real Estate at ActivumSG Advisory, said: 鈥淗alle offers good fundamentals with its historic university and young population, vibrant business sector and improving high-speed rail connections.
鈥淲e will draw on our retail experience to reposition Ritterhaus for institutional owners, who we expect to look increasingly outside Germany鈥檚 Big Six markets for prime, income-producing properties which offer a better value.鈥�
