A Single Family Office refers to a company that takes care of the asset management of an owner family. The main objectives of these Single Family Offices are, on the one hand, asset protection and, on the other hand, asset growth. Most (German) SFOs are characterised not only by their discretion, but also by preferential investments in secure investment opportunities. Accordingly, real estate business is the core business of many single family offices, or at least an important mainstay, which offers not only stable value but also steady income. In this article we present three German Single Family Offices that are very active in the real estate business. This article is based on the unique list of the largest single family offices with a real estate focus in Europe.

AM alpha Capital management company mbH

AM alpha Kapitalverwaltungsgesellschaft mbH belongs to the Wolfgang Egger family. The single family office is represented on four continents and has offices in Luxembourg, Istanbul, Shanghai, Singapore, Hong Kong, Tokyo, Sydney and Chile. The team of more than 100 employees* focuses on office, retail, residential and logistics real estate and is thus widely diversified. Also due to this diversified approach, AM alpha now has over € 2 billion of assets under management worldwide. It was only at the end of March 2020 that the single family office based in Gräfeling, Bavaria, announced the construction of 25 new residential buildings in Tokyo.

Wirtgen Invest Holding GmbH

The Windhagen-based single family office was founded in 2017 following the sale of the construction machinery company “Wirtgen Group” for € 4.4 billion. With the GmbH, the Wirtgen family now invests not only in wind farms but also in real estate in European conurbations. The latest real estate project is Taunusanlage 8 (“T8”) in Frankfurt – with its prime location directly in the centre of Frankfurt, the building is in the immediate vicinity of the Zeil and borders on the business district in the Westend. The office building was awarded DGNB Gold and LEED Platinum Green Building certification for resource-saving and environmentally friendly construction. Other real estate projects include the Wallhaus in Hamburg and a 15,000 m² property in Düsseldorf in a joint venture with the MOMENI Group.

DRIA GmbH

DRIA GmbH (Dalhke Real Estate Investment and Asset Management) is a single family office based in Heinsberg. The family office, which belongs to the Dahlke family, specializes in commercial real estate in the Düsseldorf area up to a volume of €10 million and has a real estate portfolio worth €250 million. In addition, the company offers asset management for foreign family offices, currently for Lahav Family Office from Israel and Sunshine Family Office from Australia – the portfolio size here is €300 million. Here, too, the focus is on the German commercial real estate sector. Under the management of the six shareholders, who all have years of experience in dealing with commercial real estate, a wide variety of projects have been developed and built: from retail parks to fast food restaurants to car washes. For example, the GmbH recently organised a 1,456 m² plot of land in Rüthen for the Sunshine Family Office.

Picture source: Igor Flek

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Felton Group LLC, the single family office of Jaffray Woodriff, led Trilogy Mentors $1.1M seed funding round. Trilogy Mentors is a SaaS technology platform for tutors and education from Richmond (Virginia).

Seed Funding Round by Woodriff Single Family Office For Further Growth

The capital raise will be used for further development of the platform and marketing. In combination with the funding round, Trilogy Mentors also started a strategic partnership with Tuscany Strategy Consulting. So far,Trilogy was already used for more than 10,000 learning sessions. Woodriff – whose family office led the funding round – is a successful hedge fund manager who co-founded the multi-billion hedge fund Quantitative Investment Management. Woodriff is an active startup investor in software-based startups, especially in his home state Virginia. Familyofficehub already reported about his $2.3M investment in Yogi.

Source: Finsmes, 30.07.2020
Picture Source:  Element5 Digital

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The single family office of Daniel E. Straus, former CEO of The Multicare Companies, considers the acquisition of the NBA franchise Minnesota Timberwolves. Current owner Glen A. Taylor hired an advisory firm to consult on a possible sale of the NBA team, which could bring up to $1.2BN. Taylor built up the Taylor Corporation – which is today a leading, multinational printing and electronics firm with more than 15,000 employees. He purchased the Timberwolves in 1994.

Straus Single Family Office as a potential buyer

According to Bloomberg, the Straus single family office is one of the possible bidders for the NBA team. Daniel E. Straus’ single family office invests in various asset classes, e.g. real estate, financial markets and hedge funds. He founded the healthcare group Multicare Companies Inc. in 1984. During his business life, he launched several additional companies like CareOne or InnovaCare.

Source: Bloomberg, 28.07.2020
Picture source: Edgar Chaparro

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Schock Metallwerk GmbH, a metal processing firm from Urbach, Germany, got in financial difficulties at the beginning of 2020. The company filed for insolvency in own administration in January. Now, the insolvency is completed: the operations of the group will be continued. New investors are playing a major part in the restructuring: Frank Trick (shareholder of FTS Baltic) and the Stuttgart-based single family office of Karl-Friedrich Kaupp are supporting the restart.

Kaupp single family office from Stuttgart invests in Schock’s restart

The special profiles and metal products of Schock are used in the automotive, home appliances or retail industry. Revenues in 2018 were at approximately €45M. The insolvency was mainly caused by problems with a long-term supplier, which finally completely halted delivery. The massive slump in sales led to financial troubles. Now, the insolvency is completed and the company is looking forward to a restart. 120 workplaces were saved. A main part of the restructuring process is a new company structure below the STK Holding GmbH and in cooperation with Latvian producer FTS Baltic SIA. New investors like the Kaupp family office ensure financial stability of the restructured company. Karl-Friedrich Kaupp is a tax expert and private equity investor from Stuttgart.

Source: Automobilwoche, 30.7.2020
Source: Blechnet, 30.07.2020
Picture Source: Fikri Rasyid

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The single family office of the Viehof family – Vibro Vermögensverwaltungs- und Beteiligungs-GmbH – has a new CEO. Marc Hocks, an experienced family officer, will now run the family investment firm. The 55-year-old Hocks was the CEO of the German Tresono family office until March 2020. Now, he will manage the wealth of the Viehof family. The Viehof family’s fortune is based on the sale of the Allkauf shopping centres to Metro in 1998. The net worth of the Viehof family is estimated at €750M. The Viehof family office – Vibro Vermögensverwaltungs- und Beteiligungs-GmbH – resides at Villa Hecht in Mönchengladbach. The historical building was acquired in 2007 and restored true to the original. A main focus of the Viehof family office is its art collection.

Source: Private Banking Magazin, 9.8.2020
Source: RP Online, 9.8.2020
Picture Source: Devi Puspita Amartha Yahya

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Ditzingen-based plant engineering company Piller Entgrattechnik has filed for insolvency on 28th of February. Now, the SFO-Group, a single family office from Munich, acquires the company.

Piller Entgrattechnik: Specialist for deburring plants from Ditzingen

Piller Entgrattechnik produces deburring, cleaning and drying plants that are used in the automotive, hydraulics and medical technology industry. For example, the company’s deburring machines enable high-pressure jet cleaning with different liquids. The machines can reach high pressures up to 1100 bar.Besides standalone machines, Piller also offers integrated plants and contract manufacturing. Yearly revenues are around €20M. The company has its headquarter in Ditzingen, Germany and another site in Kecskemet, Hungary. All 120 workplaces of Piller will be preserved.

SFO-Group – a single family office from Munich – saves Piller

Now, Piller was aquired by the SFO-Group. The SFO-Group is a Munich-based single family office that is active since 2013. SFO is based on the wealth of a Munich entrepreneurial family. The investment focus lies on restructuring of “Old Economy” firms. The family office has more than €150M revenue under management, other portfolio companies include SHW Werkzeugmaschinen GmbH or Air Berlin Technik.

Source: Automobil Industrie, 30.07.2020Picture SourceDimitry Anikin

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Pfungstädter is a German brewery that got into financial difficulties. Now, the brewery property was sold to the family office of Daniel Hopp, son of SAP founder and billionaire Dietmar Hopp. Hopp plans to realize a residential quarter.

Residential real estate development project on brewery area

Hopp wants to realize the real estate project in cooperation with the development firm Conceptaplan. Previous projects of Concetaplan were larger-scale residential project developments in Frankfurt and Heidelberg. Besides the planned residential buildings, also the brewery operations shall be continued with a partner. The project aims to create a harmonic townscape for Pfungstadt. Pfungstadt is a small town in Hessen, Germany. The city has 20,000 inhabitants and is located near Darmstadt.

Daniel Hopp family office as active real estate investor

The net worth of the Hopp family is estimated at over €18BN – mainly based on SAP, the firm founded by Daniel’s father Dietmar. While Dietmar Hopp is rather active as startup and healthcare investor, Daniel Hopp focuses his investment activities on the real estate sector. Another major project y Daniel Hopp’s family office is the “Henninger Turm” in Frankfurt.

Source: Deal Advisors,30.7.2020
Picture Source: Claude Piché

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GP Holding GmbH, the German single family office of Guido Pühse, sells its majority stake in apt Sedant Holding GmbH to the Chinese Mengtai group.

apt: an aluminum producer with more than €250M in revenues

Monheim-based apt group is a leader in the European aluminium industry. The group has more than 1.000 employees and yearly revenues in excess of €250M. Main sites of the company are in Monheim am Rhein, Eckental, Roermond (Netherlands) or Cheb (Czech Republic). Components of apt are used in the construction, transport and automotive industry.

Pühse Family Office as the apt majority shareholder since 2019

In 2019, Guido Pühse took over 69,9% of the shares of the apt group with his family office, the GP Holding GmbH. Now, he sells its stake to the Chinese Mengtai group. Mengtai – with its headquarter in Ordos (Inner Mongolia, China) – is a leading industrial company with its focus on coal, aluminium, electricity and urban heating industrie. Guido Pühse was the long-time CEO and owner of the German chemical company Oskar Nolte GmbH, which was sold in 2018 to the Peter Möhrle Holding (which is also a single family office).

Picture source: Gareth David
Article source: M&A Review, 27.07.2020

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PharmEnable is a drug discovery startup from Cambridge that is focused on finding complex candidate molecules for drug development. Now, the startup raised its seed financing round. The funding round was heavily oversubscribed. One of the ivnestors: Paul Forster, the co-founder of Indeed.com. Other investors include Cambridge Enterprise (who led the round), Jonathan Milner or David Ford. PharmEnables technology predict small molecules that might be suitable for various disease areas. Dr Christine Martin of Cambridge Enterprise commented the investment with: “Cambridge Enterprise is really pleased to be investing in this exciting opportunity. To have closed the round during these last few months, and to have attracted such a strong investor syndicate, is a testament to the potential of the AI-enabled platform that PharmEnable has built. We are pleased to support the company in its transition to in-house drug discovery. We believe it will have significant impact through addressing undruggable therapeutic targets.”

Paul Forster Family Office as angel investor

Paul Forster launched Indeed in 2004. The portal was acquired by Recruit Holdings in 2012. Since then, Forster (and his family office) is an active startups investors. His investments are mainly focused on the tech space. Portfolio companies include Personio, Sano Genetics or Speechmatics.

Source: Cambridgenetwork, 30.06.2020
Picture Source: Jean-Luc Benazet

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Black Horse Investments GmbH, a single family office from Düsseldorf, acquired the “KAP 2 / New Fashion Plaza” office building (also in Düsseldorf) from Hadar GmbH in a joint-venture.

“New Fashion Plaza” office building in Düsseldorf

The “New Fashion Plaza” is an office building created in 1974 and refurbished in 2009. The property has an occupancy rate of 75% and a total lettable area in the amount of 6,400 sqm. Today, the building is mainly used as a retail shipping center. The building is located at the Kennedydamm, only a few minutes from the well-known Rheinpark. Real estate firm BGA Invest connected seller and buyer of the object. The “New Fashion Plaza” was sold by Berlin-based Hadar GmbH.

Joint-venture of real estate investor and single family office from Düsseldorf

A joint-venture of Kriton Immobilien GmbH and Black Horse Investments is buying the office building. The joint-venture wants to refurbish and restructure the building. For instance, a multi-tenant will be made possible. Black Horse Investments is the single family office of the Düsseldorf-based Schwarz-Schütte family. The family office is also owning the well-known Dreischeibenhaus. Patrick Schwarz-Schütte led the pharmaceutical company “Schwarz Pharma” to an IPO in 1995. He finally sold his shares to Belgian chemical company UCB for €2.6BN.

Picture source: Diri
Source: Konii, 30.06.2020

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