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.

Investment strategy

Realising the full yield potential through disciplined implementation of the investment strategy

Value creation commences with the cherry-picking of maturing loans that are secured by a first-rank mortgage on attractive German commercial properties. Although these loans will not be, or have not been, repaid by the borrower upon maturity, they will most likely be repaid in full due to the value of the underlying real estate collateral. After buying the loans, Albulus CREDIT uses the

tried-and-tested ‘Albulus toolkit’, which generates an attractive return and facilitates repayment of the debt. Unlike opportunistic investors on the secondary market, Albulus requires only smaller discounts on the purchase price of the debt to generate the target yield. This increases the range of banks, run-off banks, and restructuring units willing to sell.

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