FINANCE: European real estate fund manager Activum SG Capital Management has closed its third fund at €380m (£314m).
It completed the close just six months after it launched the vehicle, which was “substantially oversubscribed due to strong existing investor support and new institutional demand spanning the Americas and Europe”.
The follow-on private equity fund will “build on Activum’s momentum in finding, improving, and selling underperforming real estate-related assets in Europe”.
Fund I, which is of 2009 vintage, is currently in liquidation while 2011’s Fund II is fully invested in value-add and opportunistic real estate in Germany.
Since 2009 Activum, which has a 13-strong team, has invested €400m in 18 transactions.
Saul Goldstein, Activum managing partner, said: “We have focused 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. So we are pleased to have such stable and thoughtful investors as our partners.”
Brendan Edmonds, partner at global placement agent Atlantic-Pacific Capital, said: “Activum again has set the bar high by meeting the needs of an investor base that wants transparency and a responsive manager with a focused strategy.”
Paul Hastings served as legal advisers.
bridget.oconnell@estatesgazette.com
