On March 31st, German Family Office AM Alpha announced the acquisition of a portfolio of 25 newly built residential properties in Tokyo for an undisclosed sum. The transaction already took place in September last year, the assets are still under construction. Martin Lemke, the managing director of the Munich-based family office, commented the transaction with: “Demand for residential space, which is boosted by consistently positive fundamental data, and the resulting cash flow stability perfectly complement our existing value-add exposure in the region.”  The project is realized by a renowned Japanese real estate developer.

German family office actively investing in Asia-Pacific real estate

AM Alpha is a globally active (multi) family office with close ties to Wolfgang Egger, founder of the listed German real estate investment firm Patrizia AG. The firm is on a global expansion track: Other investments in the Asia-Pacific region are the 179 North Quay office tower in Brisbane and another mixed-use building. AM alpha was also active in Tokyo before: in 2012, the family office acquired the Axall Roppongi, an office building in the central commercial district Roppongi.

Sourvecs
Real Assets, 07.04.2020
Europe RE, 07.04.2020
Ryo Yoshitake (Picture), 07.04.2020

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Cycas Hospitality is a rather young competitor in Europe’s hospitality sector. Nevertheless, the Amsterdam-headquartered firm has huge growth ambitions. The Thailand single family office “Hua Kee Group” acquired a third of Cycas shares. Now, the German market is on the agenda for Cycas’ further hotel openings.

Cycas: Strong Growth in Europe’s Hotel Market, now targeting Germany

In 2008, Cycas was launched by John Wagner and Eduard Elias. The Dutch hospitality firm focuses on long-stay hotels – and currently manages more than 50 objects in its target markets Great Britain, Belgium, France and Netherlands. There are several reasons for Cycas’ extended-stay strategy: efficient operations, high margins and less common spaces (which results in more lettable rooms). Cycas operates brands like Staybridge Suites, Residence Inn or Hyatt House. Now, the company wants to triple its amount of managed rooms to 10,000. Thereof, 4,000 rooms in Germany. The man behind the aggressive growth plans is the new CEO Matt Luscombe, who was formerly Intercontinental Hotels’ Chief Commercial Officer for Europe. So far, Cycas Hospitality manages two objects in Germany: the Element Hotel at Frankfurt Airport as well as “The Hotel Darmstadt”.

Hua Kee Group: Single Family Office from Thailand back growth plans

The financial power for the planned strong growth in Europe stems from the Hua Kee Group, a single family office from Thailand. Hua Kee acquired a third of Cycas shares from Eduard Elias and John Wagner. Besides that, Hua Kee will also be able to engage in co-investments. Thereby, Cycas plans to triple its revenue to more than €100M. The Thai single family office also owns and operates several hotels in Southeast-Asia, Australia and Europe. Besides its hospitality real estate investments, the Hua Kee family is an industrial conglomerate with positions in petrochemical companies and others.

Sources
Icis, 01.03.2020
Ahgz, 01.03.2020
Duan Xiaoyu (picture), 01.03.2020

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The Hong Kong single family office of Cheung Chung Kiu just acquired the most expensive house in London: for $262M bought a luxury mansion at 2-8A Rutland Gate.

New owner for the luxury palace with 45 rooms

The property at 2-8a Rutland Gate is one of the most prestigous and luxury objects in London. The 45-room house in Knightsbridge is near the famous Hyde Park. In the past, the building was the home of Rafic Hariri, Lebanon’s former prime minister. So far, the object was managed by the co-founder of Swiss wealth manager Decisive Wealth. In total, the living space of the building amounts 62,000 sqf and was built in 1830. It included a swimming pool, a spa area and bullet-proof windows.

New owner: Hong Kong-based single family office of Cheung Chung Kiu

Cheung Chung Kiu, who’s family office is the new owner of the building, is a billionaire from Hong Kong. His net worth is estimated at $1.4BN. Mainly, he earned his wealth through real estate investments and developments. Kiu is the founder of CC Land Holdings. In the United Kingdom, CC Land bought the former Leadenhall building, often called the “Cheesegrater” skyscraper.

Sources
Bloomberg, 13.1.2019
Anthony Delanoix, 13.1.2019

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An interesting real estate deal took place in Frankfurt (Germany): Frankfurt-based single family office DZ Invest sold a mixed-use office and residential building to another German single family office.

4,500 sqm development project, acquired in 2013

The now sold building was acquired in 2013 by DZ Invest. Being located at the corner of Klingerstraße 20 / Allerheiligenstraße 42, the building is in Frankfurt’s dynamic heart. Total lettable area of the object is 4,500sqm. DZ Invest bought the object as a development project. Until today, significant rent increases were realized. Additionally, the city of Frankfurt approved a new utilization concept.

Active real estate single family office from Frankfurt

In 2019, DZ Invest was one of the most active single family offices in the German real estate sector. Many major buildings in the Frankfurt region belong to the family investment firm. For example, the 7,500 sqm “Hotel Neckarvillen”, which was a boutique hotel development project. The recent share deal in Frankfurt’s Allerheiligenviertel shows that German family offices are getting more confident in the real estate sector and that they are building up extensive experience. Also, the sale from one family office to another is an interesting side note.

Sources
Deal-Magazin, 13.01.2019
Noah Boyer, 13.01.2019

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On December 14th, German family office SWT Verwaltungs GmbH acquired a former post building in Mühlheim an der Ruhr, Germany. SWT has already been involved in multiple real estate deals in the past years.

Postareal: mixed-use building with development potential

The Postareal in Mühlheim an der Ruhr is well located, the main station is within walking distance, as well as the “FORUM City Mühlheim” is in walking distance. In the past, the object served as a distribution and logistics center for the German Deutsche Post AG. Also a bank branch is located in the building with 7,920 sqm lettable space. The building was sold by a Luxembourg-based firm, German consultancy Hackenberg & Co. consulted both parties. After the current leases expire, SWT plans a mixed-used development project.

Bavarian family office with several real estate investments

SWT Verwaltungs GmbH is a rather secret family office from Rain, a city in the Northwest of Munich. SWT is focusing on real estate investments. Interestingly, the firm also acquired the neighboring “Twin Towers” object in 2018. In June 2019, the family office acquired a portfolio of five objects in Rheine, Herne, Lüdingshause, Soest and Dusseldorf. SWT focuses on commercial properties in German B- and C-cities.

Sources
Konii, 17.12.2019
DEAL Magazine, 17.12.2019
Claudio Schwarz, 17.12.2019

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Real estate prices in Munich were skyrocketing throughout the last years. Now, the Kässmeyer single family office took advantage of the bullish market environment and sold the “Leonardo” office buildings near the Munich airport to Sirius Real Estate.

Sirius Real Estate bought 16,900 sqm “Leonardo” office

The so-called “Leonardo” office campus – which was now acquired by Sirius Real Estate – has 16,900 sqm space. The building has substantial upside potential: so far, only 40% of the space is let. IMCON sold the object for the Kässmeyer single family office, Savills consulted both parties of the transaction. Sirius Real Estate is a leading operator and owner of business parks in Germany. The firm owns 1,582 million lettable square meteres with 4,829 tenants in 59 properties. Sirius mainly operates office parks, storage spaces and production sites and workshops.

Kässmeyer single family office as real estate investor

IMCON sold the “Leonardo” office buildings for the KCM Invest AG, a Zug-based investment firm belonging to the Kässmeyer single family office. Walter Käßmeyer (1928-2014) was a Munich real estate entrepreneur, who was mainly known for its support for Rudolph Moshammer, a German fashion designer.  The Käßmeyer family office owns many large-scale buildings in the Munich area.

Sources
Rohmert Medien, 6.12.2019
Natsuko D’Aprile, 6.12.2019

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L’Etoile Properties acquired the “Neudorfer Tor” office building in Duisburg for the Kuwaiti Family Office “Saud Abdulaziz Al-Rashed Group of Companies”. The building was sold by Wohninvest.

Office building with 6,995 sqm space bought from Wohninvest

In 2016, German Wohninvest group acquired the “Neudorfer Tor” object from GEBAG Duisburg. Wohninvest is a real estate developer and investor from Southern Germany, GEBAG is the municipal housing company in Duisburg. The office building offers 6,995 sqm space and 114 parking spots. It was constructed in 2005, tenants include call center service Concentrix or a medical service. The building which was constructed in 2005 is situated near the central station in Duisburg. The purchase price remains undisclosed.

Kuwait Single Family Office Plans Further Real Estate Investments In Germany

The Saud Al-Rashed Group is active inv arious industries, from Oil and Gas to energy, real estate and infrastructure projects. Other sectors include communications, logistics, supplies, production and manufacturing as well as process enginereeing services and home appliances. The real estate portfolio of the Kuwaiti family office mainly consists of properities in the United States and Germany. In the long-term, Saud Al-Rashed plans further acquisitions in Germany.

Sources
L’Etoile Properties, 5.12.2019
Daniel von Appen, 5.12.2019

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The quite young German hotel chain Ruby is continuously growing. Now, further growth is fueled by an investment of the ECE group, a real estate subsidiary of the Otto family office. After the investment of the Otto family office -which happens in form of a capital increase – ECE holds a 25% stake of Ruby.

Ruby Hotels: “Lean Luxury”

The hotel brand Ruby was founded in 2013 and is based on the “Lean Luxury” concept. That means uncomplicated luxury instead of prestigious glamour. Ruby Hotels are located in cool neighborhoods instead of high-street addresses. The concept seems to work: the group already operates 7 hotels, 10 more hotels are planned. Furthermore, Ruby is expanding in Asia through a joint venture. So far, the hotels are located in Dusseldorf, Hamburg, Munich and Vienna. In 2020, further hotels will open in Frankfurt, Helsinki, Zurich and London. Via “Ruby Works”, the group also started to develop co-working spaces.

Investment from Otto Family and Franger Single Family Office

Through the 25% investment of ECE further growth of the group can be realized. The ECE group is already one of the largest hotel developers in the German speaking area. By the investment, the Otto-owned company combines its development knowledge with the operating expertise of Ruby. The Otto family counts as one of the wealthiest German families. The Otto wealth is mainly based on the mail-order business “Otto”. Today, the family office has diversified its investments: besides ECE, the family also owns stakes in Canadian Park Property and the American Paramount Group. Besides Otto, also the German Franger Single Family Office invested in Ruby.

Sources
AHGZ, 15.11.2019
Feliperizo.co, 14.11.2019

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Tilad, a Dubai-based multi family office focused on real estate investments, sold the “Atrium Charlottenburg” for €160M to Hines. We give background details on the transaction.

Office building in Berlin-Charlottenburg

The “Atrium Charlottenburg” is an office building in Berlin with 40,000 sqm lettable area. The property is located in Western-Berlin, close to the train station Berlin-Willmersdorf. Tenants include the city of Berlin, a job center and the “Fraunhofer Institut”. The building which was completed in 1995 is fully let.

Dubai-based Multi Family Office sells to real estate investment firm Hines

In 2014, Société Général Immobel sold the object to the Dubai-based multi family office Tilad. Tilad is investing directly in real estate across North Amerika, UK and continental Europe. Besides that, Tilad is also actively investing in externally managed real estate and private equity funds (buyout, growth, venture capital, opportunistic). Now, the “Atrium Charlottenburg” was aquired by the “Hines European Value Fund”. For the HEV fund it is the first office transaction in Berlin, and the seventh in total since its inception in 2017.

Sources
Immobilienmanager, 8.11.2019
Danil Sorokin, 8.11.2019

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We use this article to introduce you to three UK single family offices that are actively buying real estate. The investment companies of wealthy companies are becoming increasingly important players in the real estate scene. However, many real estate professionals find it difficult to identify and address the most relevant family offices. This is where the comprehensive database of familyofficehub.io comes in. Our experienced research team is constantly on the lookout for important family offices in Europe. Our lists contain valuable information about the investment focus and general contact details so that you can start addressing them directly. Particularly in the real estate environment, we successfully help brokers, asset managers, co-investors and other players to gain valuable partners.

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#1: Grosvenor, Chester – Real Estate development, management & investment in more than 60 cities around the world

With £11.8 billion, Grosvenor is probably one of the most important real estate companies in the UK. The real estate arm of the Single Family Office develops real estate projects, invests in world-class buildings around the world and manages assets. The company is active in Hong Kong, London, Madrid, Paris, San Francisco, Tokyo and Washington D.C., for example. The preferred asset classes are retail, residential and office, with buildings with appreciation potential often being acquired. The website of the Family Office provides a good overview of past investments, so that potential partners can get an optimal overview of the way they work.

#2: Souter Investments, Edinburgh – Real Estate development by one of the most important family offices in the UK

Souter Investments is a very important private equity investor in the UK. However, the investments are not only focused on typical company acquisitions. Rather, the investment company is also active in the real estate sector. As a co-investor, Souter Investments has invested in East Lothian Developments Ltd (ELDL). ELDL is one of the largest neighbourhood development projects in Scotland. The real estate project includes numerous new residential buildings and is well connected to Edinburgh. A participation in the project developer AMA from Edinburgh is also worth mentioning. At the end of 2018, the exit of the diversified real estate company took place.

#3: J Leon Group, London – Real Estate investments focused on UK commercial property and central London residential Real Estate

The J Leon Group is a long-established family office that has been managing and increasing assets for many decades. As a relevant fund of funds investor, the Group diversifies its portfolio and ensures stability in family assets. However, the company does not only invest in corporate values. Rather, it actively invests in UK commercial property and is one of the largest investors in this segment in the UK. In this regard, highstreet shops in prime locations play an exceptionally important role. Also, agricultural and woodland assets are part of the J Leon Group.

Picture source: Fred Moon

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