ActivumSG Capital Management, the Jersey based property fund manager, has acquired the ‘Saonehaus’ office complex in the Lyoner Quarter in Frankfurt-Niederrad.
The deal comes with an option to convert the property to mixed use, reflecting increasing demand for residential property space in the surrounding area.
Richard Wartenberg, director of Acquisitions and Sales at ActivumSG Advisory GmbH said: “The Lyoner Quarter is rapidly changing from an office only area into a mixed-use urban quarter. This is an ideal opportunity to convert under-utilized office space into functional, desirable residential living space where demand is increasing.”
Saul Goldstein, founder of ActivumSG, added: “This property is an ideal fit with Activum’s value-add and redevelopment asset-management strategy. While this space is useable as an office, it offers the perfect chance for a residential redevelopment where we have considerable expertise.”