Activum Capital Management, the Jersey-based turnaround specialist, is buying an office in Hannover from German lender, Eurohypo.
The firm led by Saul Goldstein – a former head of real estate advisory activities of Cerberus in Europe – is teaming up with Stam Europe, an independent property investment firm in the deal.
Activum said the parties had agreed not to disclose the value of the deal, which involves the sale of 19,500 square metre office, Grammophon Park located in Podbielskistrasse.
This is the third acquisition by Activum and the first together with Stam Europe in Germany.
Goldstein, who spent nine and a half years at Cerberus before launching his own platform in 2007, said the property was well-located and modern but required an “active owner”.
“In today’s environment, Germany is one of the few real estate investment markets offering solid risk-adjusted returns for investors that focus on asset management,” he added.
Activum, which focuses on turnaround situations, said it expects to invest approximately €500 million ($684 million) over the next three years.
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