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.

Shopping Centre, Wuppertal

Built in 1965 and situated at the top end of the pedestrian precinct, the department store was converted into a shopping centre in 2002 and leased to several prestigious tenants. When an anchor tenant moved out, the owner – an international closed-end property fund – ran into financial difficulties and was no longer able to service the outstanding loan.

Shopping Centre, Wuppertal
Albulus structured the acquisition of the loan in late 2015 as part of a longstanding investment mandate for nonperforming loans secured by retail property. By extending existing leases, creating further retail space in the basement, and letting out previously vacant space, the Albulus asset management team managed to significantly increase the value of the shopping centre. Through close collaboration with the appointed insolvency administrator, it proved possible to sell the property to a specialised retail investor and the loan was almost fully repaid.

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