Our History & Milestones
Establishing a German Presence
2010 - 2013
Vulpes has been investing in and managing German real estate holdings since 2010 when the macroeconomic attractiveness of the sector first became apparent.
Why German RE?
Building Out The Team
2012 - 2013
In 2013, Vulpes hired David Mackey, a professional real estate fund manager and institutional advisor, and Solon Brown, a real estate investment & finance professional, to build out a dedicated real estate platform.
New Platform, New Investments
In April 2014, we acquired two portfolios, “Star” and “Tareran”, comprising 454 units in diversified locations across Germany, on behalf of Vulpes as a proof of concept for the new yield-driven German real estate strategy and Luxembourg platform (“Sub-Fund 1”).
Launch of Stronghold Real Estate SCA SICAV-SIF
In June 2015, we converted the privately-held Stronghold Holdings S.C.A., into a regulated investment fund, Stronghold Real Estate S.C.A., SICAV-SIF, in order to further expand our activities and raise third-party capital via a trusted and transparent regulatory environment.
Sub-Fund 2 Makes First Investment
In October 2015, Sub-Fund 2 acquired the “Flensburg” portfolio of 139 units in the city of Flensburg, Schleswig-Holstein, from a private local vendor, using a combination of new equity and local bank debt.
Consolidation of Assets into Sub-Fund 2
In June 2016, having been substantially de-risked and having also fulfilled their purpose as an investment proof of concept, the assets of Sub-Fund 1 were folded into Sub-Fund 2 via Contribution of Assets, with Vulpes staying on as majority shareholder in the newly consolidated Sub-Fund 2.
New Acquisition ("Holstein")
In May 2017, Sub-Fund 2 completed an acquisition of the “Holstein” portfolio of 360 units in diversified locations across Schleswig-Holstein, from a private local vendor.
Launch of Altona Fund III in partnership with Nevastar Finance
In 2018, we launched a new sub-fund, "Altona Fund III", targeting further high-yielding, low-risk multifamily assets in NW Germany, with our initial target of 35m EUR equity raised entirely in the First Close, and a subsequent 10m EUR raised in a second and final close.
Altona Fully Invested
We completed 4 separate portfolio investments on behalf of the Altona Fund throughout 2018-19, acquiring a total of over 1,600 units at an average acquisition price of ~EUR 840 psm.