German focused real estate fund manager ActivumSG has confiremd the sale of a number of properties, including a 22.000 square meter office building in Leipzig, to Vienna-based multi-asset manager FLE GmbH.
The transaction included the Atrium, an office building in Leipzig as well as Main Michelangelo in the Sachsenhausen area of Frankfurt and Grünwalderstrasse near the “Mittlerer Ring” of Munich, the sum of the agreement was not disclosed.
ActivumSG sold the Atrium fourteen months after purchasing it from a non-performing loan portfolio managed by RBS.
Richard Wartenberg, head of Acquisitions and Sales at ActivumSG Advisory GmbH, notes: “We were very pleased with the results of this acquisition. Our asset management team did an exceptional job stabilizing the asset by extending major tenants and signing over 2,700 sqm of new leases in less than one year.”
“We are also thrilled to once again partner with FLE in closing this transaction. The quick turnaround for us and the attractive yields and stable tenant base FLE is acquiring means that this is truly a win-win situation all around” he added.
Managing partner of ActivumSG Capital Management Ltd, Saul Goldstein, commented on the agreement: “Our sale in Leipzig proves that there is demand for high quality assets in strong submarkets. The superior yield compared with core locations should make assets like Atrium in Leipzig particularly attractive for any buyer.”