Tristan Capital Partners, the London-based, pan-European private equity real estate firm, has 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.
The investment in the properties comes from the firm’s €950 million European Property Investors Special Opportunities (EPISO) 3 fund. After this investment, 85 percent of EPISO 3 is now either already committed or earmarked for investments currently under exclusivity pending a contract agreement.
The portfolio acquired from three funds managed by DG ANLAGE Gesellschaft comprises 1,004,058 square feet of lettable space, more than three quarters of which is in Berlin, Leipzig or Frankfurt. Offices make up 60 percent of the 14 assets, with 17 percent of space occupied by retailers ALDI, REWE and local branches of Targobank and Deutsche Bank. The rest of the portfolio comprises residential assets and other uses with a total vacancy of 13 percent.
Tristan partnered with caleus capital investors, which is advising on asset management on the ground as well as tenant relationships and execution of the repositioning initiatives. caleus will also act as a co-investor.
“This transaction demonstrates our continued appetite for investing in Germany, where Tristan-advised funds have made over 30 purchases to date worth a total of more than €2 billion,” commented Ali Otmar, managing director at Tristan Capital.
Clifford Chance acted as legal counsel for Tristan while GFP Real Estate Advisors advised on technical issues. The transaction was brokered by BNP Paribas.