PROPERTY investment firm Castleforge Partners has announced the acquisition of its first office building in Germany, in the historic old town of Bremen.
The firm has identified a clear investment opportunity in so-called ‘secondary cities’ across the country and will look to expand its reach across the German commercial market with further purchases to be announced over the next 18 months.
Ahead of the purchase, Castleforge identified Bremen as an ideal location for its first German acquisition in light of the city’s strong local economy, renowned universities, and expanding base of start-up businesses.
Located in the prime central business district, the 5,000 sqm Martinistrasse building was acquired off market and is currently at 63 percent occupancy, presenting a repositioning opportunity for Castleforge. The building will be fully refurbished to enable the firm to introduce its flexible workspace provider, Clockwise into the space, offering an alternative to traditional fixed-term offices.
Since its inception in 2010, Castleforge has invested approximately £1 billion, gaining a strong reputation for value-add investment in office and residential real estate across the UK and Europe.
Clockwise provides contemporary private offices, shared workspaces and meeting rooms with flexible membership plans in key business locations across the continent.
Brandon Hollihan, Founding Partner of Castleforge Partners said, “We are thrilled to announce our first acquisition in Germany as we look to invest significantly in more secondary cities across the country over the next 18 months. Bremen has a thriving economy, with a generation of young professionals and start-ups who are increasingly seeking flexible-office models as opposed to the usual traditional offering.
“Following the success of our flexible workspace provider Clockwise in locations across the UK, we are now looking forward to refurbishing the building and saying ‘Willkommen’ to our first Clockwise members in Bremen.”
Castleforge Partners was advised on the acquisition by IC Immobilien Gruppe. CEO, Markus Reinert FRICS, said: “We are delighted to have supported Castleforge Partners during their entry into the German market and we look forward to working together as the firm further expands into the country.”
The off-market transaction was arranged by Eastdill Secured. Dentons Europe served as legal advisor for Castleforge Partners while Drees & Sommer were mandated as technical advisors.
For more information visit www.castleforgepartners.com
About Castleforge Partners:
Castleforge Partners is a private equity real estate investment firm based in London, UK that has invested approximately £1 billion of asset value throughout the UK and Europe. It was founded in 2010 by Brandon Hollihan and Michael Kovacs. Castleforge Partners Limited is authorised and regulated by the Financial Conduct Authority.
Clockwise is headed up by COO, Alexandra Brunner. With extensive experience in hospitality and real estate, she is perfectly positioned to lead the business through this exponential growth.
Its truly flexible approach and varied membership packages has attracted a client mix of entrepreneurs, start-ups, scale-ups and established businesses from a cross section of sectors. With the understanding that innovation and enterprise is not limited to Central London or gateway cities, and a real estate strategy that reflects this, Clockwise is well placed to support regional SMEs achieve their potential.
This localised approach is ideally suited to the current Covid-19 climate as more people move out of London and flexible working close to home becomes commonplace.
Clockwise is owned by private equity real estate investment firm Castleforge, which owns and operates its spaces across the UK.
To find out more about Clockwise, visit https://workclockwise.co.uk/.