Private equity investment manager ActivumSG Capital Management has agreed to acquire one of Denmark’s largest build-to-rent developers, Casa.
A deal would be the third corporate acquisition from ActivumSG Real Estate Fund VI, after buying VanWonen and Odyssey Hotel Group.
The pan-European fund focuses on distressed opportunities or creating value in turnaround situations, mainly in five markets – Germany, the Netherlands, Spain, Portugal and the UK.
At the start of this year ActivumSG raised €550m (£471m) in the final close for the fund. At the time it said it has committed 50% of the total amount of capital raised (€275m). This has now increased to 80% (€440m).
ActivumSG will buy Casa from a fund managed by CataCap Management. The parties have not disclosed the price of the acquisition, which is due to complete in the coming weeks.
Founded in 2006, Casa has 265 employees and expects to generate sales of more than €400m in 2021. It focuses on mid-market and affordable housing in Denmark’s largest cities.
Saul Goldstein, founder and chief executive of ActivumSG, said: “Casa is a fresh example of our unconventional approach to accessing strong real estate investment themes through corporate acquisitions and other indirect routes.
“In this case our fund will gain exposure to the strong fundamentals of the Danish housing market and the dynamic build-to-rent sector, while avoiding the herd in competing for standing property assets.”
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
