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How Operational Alpha Shapes European Real Estate Investing - Saul Goldstein - Founder & CEO of ActivumSG

Sep 30, 2025
Saul Goldstein, Founder and CEO of ActivumSG, shares his intriguing journey from studying Japanese to leading a European real estate investment firm. He discusses navigating distressed markets and the entrepreneurial leap of founding ActivumSG during the 2008 crisis. The conversation highlights operational alpha and the importance of a decentralized team structure, emphasizing culture and curiosity. Saul also provides insights into the current European real estate landscape, touching on macroeconomic factors and market cycles that shape investment opportunities.
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ANECDOTE

From Japanese Major To NPL Specialist

  • Saul recounts being sent to Tokyo in 1997 to analyze non-performing loans because he spoke Japanese.
  • That work exposed him to real estate collateral and set his career path into NPLs and property investing.
ANECDOTE

Founding Activum During A Crisis

  • Saul describes founding Activum in 2007 and closing Fund One in August 2008 from a small team and personal savings.
  • He emphasizes the humility and naïveté of starting the firm and immediately facing the global financial crisis.
INSIGHT

Small, Vertically Integrated By Design

  • Activum has raised about €3bn and focuses on controlling asset management and operational platforms across Europe.
  • They intentionally stay relatively small and vertically integrated to capture operational upside.
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