Activum SG raises €380m in record time for new German fund

Jersey-based opportunistic real estate investor and fund manager Activum SG said earlier this month that it had reached its hard cap of €380m in record time for its third Germany fund, which like its predecessors is targeting underperforming and undervalued assets in Germany’s larger cities.

Activum SG is headed by industry veteran Saul Goldstein, who formerly worked with Cerberus Capital Management in Europe before setting up Activum SG in 2007. It specialises in creating funds that invest in niche opportunities, mainly in Germany.

Its latest fund, Activum SG Fund III L.P. has now surpassed its original fundraising target of €325m, from investors in Europe and the US. The fund worked with Atlantic-Pacific Capital as placement agent, as with its previous two funds – Germany Fund I (2009); which is currently in liquidation, while Fund II (2011) is fully invested in value-add and opportunistic assets in Germany. The normal transaction size is €10m-€75m. Overall, Activum SG has now invested more than €400m of equity in 18 separate transactions.

Goldstein commented on the latest fund-raising, “We have kept our focus on steady platform growth and as a result we are seeing strong results across our portfolio of investments in office repositioning, specialty finance, and residential development in Berlin. This capital raise comes at a perfect time for us as we are finding increasingly complex and capital intensive investments in Europe.