EXCLUSIVE: Tristan EPISO 4 nears €500m first close

The London-based firm is understood to be expecting the closing to happen around the end of June for its latest value-added/opportunistic fund.

Tristan Capital Partners, the London-based private equity real estate firm, is nearing a first close on European Property Investors Special Opportunities 4 (EPISO 4), its European value-added and opportunistic fund.

Market sources say that the firm is likely collect in excess of €500 million for the first close which is expected to take place towards the end of June.

Tristan declined to comment on a specific number for the first close, but Ric Lewis, chief executive of Tristan, said in an email to PERE: “Tristan is targeting a large first closing for EPISO4 around the end of June, but no firm date has been set yet. We can’t confirm the size of the closing now because we are still working on this with our clients, but we are very pleased with the substantial market response to our offering for the fund.”

The firm is targeting €950 million for the fund, which is the same amount of equity as it was able to collect for predecessor fund EPISO3. That vehicle was closed in January 2014.
The firm has not only been busy fundraising this year, but has also made significant investments using capital from EPISO3, which is more than 85 percent invested.

In February, the firm announced that €327 million of EPISO3’s capital would be put to work in Germany, via acquisitions including one of the largest retail properties in central Munich, a portfolio of mixed-use properties located mainly in Berlin and Frankfurt and a logistics park in Bielefeld, North Rhine-Westphalia.

Then in April, Tristan acquired a 14-property portfolio of mixed-use buildings located mostly in Berlin from funds managed by Frankfurt-based real estate firm DG ANLAGE Gesellschaft for €117.5 million.