A dedicated investor specializing in German commercial real estate debt

Albulus is an investment adviser based in Frankfurt am Main, Germany, specialising in investments in subperforming and nonperforming commercial real estate loans. The Luxembourg-based Albulus CREDIT fund invests in maturing real estate debt in Germany for institutional investors.

As part of its distressed opportunities strategy, Albulus manages three customized investment mandates on behalf of one international and two German investors, targeting investments in nonperforming real estate loans. Since its establishment in 2011, Albulus has invested EUR 500 million equity capital in 19 successful transactions. The Albulus team has extensive expertise in the acquisition and workout of loans secured by

commercial property in Germany. It is headed by company founder Dr. Ruprecht Hellauer and his longstanding business partners, Dr. Tobias Friedrich and Christoph Schröder. Over the past 15 years, the management team has overseen investments in real estate debt with a nominal value of more than EUR 2 billion, and has managed loan workout with a volume in excess of EUR 1.5 billion.

Value propositions for banks

Optimising equity capital allocation and reducing the administrative burden

Banks selling nonperforming commercial real estate loans to the distressed opportunities investment mandates managed by Albulus benefit from a number of key advantages:

  • Divestment of nonperforming loans at attractive prices as Albulus gives due consideration to additional collateral and equity distributions paid to investment fund unit holders when determining the purchase price

  • In addition, Albulus underwrites the potential for value creation at property level, for instance by making use of special termination rights and increasing occupancy rates

  • Releasing of regulatory capital tied up in nonperforming loans and, where possible, partial reversal of impairment losses

  • Reduction of administrative and reporting burden for non-strategic borrowers or for loan exposure outside core markets

  • Well-coordinated transaction team and established transaction standards facilitate efficient divestment processes

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