Vulpes has been investing in and managing German real estate holdings since 2010 when the macroeconomic attractiveness of the sector first became apparent.
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.
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
2015
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
2015
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
2016
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")
2017
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
2018
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
2019
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.