Tristan Capital Partners, the London-based real estate investment management business launched by ex-AEW Europe and Curzon Capital Partners executive Ric Lewis, has completed a brace of office purchases in Frankfurt for a total of €90 million.
The offices were purchased on behalf of Tristan’s CCP III LP fund, which held a final closing on €420 million of equity last month after backing from 13 institutional investors.
According to an announcement on the transaction, the offices were originally expected to be part of a portfolio intended to be floated in a Germany REIT but were sold after the vehicle was “put on hold”.
Located in the west-central district of Bockenheim, the larger of the two properties is leased to tenants including DWP bank, KfW and Nomura while the smaller building is mixed use, containing 43 residential apartments and a number of retail units also.
Cameron Spry, head of investments at Tristan Capital, said: “The specific history of these assets, linked to the broader developments in German real estate investment legislation and trends in the equity markets, allowed us to acquire them at a very competitive price. Their top central location in Continental Europe.’s financial hub, within its most dynamic economy, should also ensure solid returns for investors in Tristan.’s CCPIII fund.”
Jones Lang LaSalle advised on the acquisition while Pamera Asset Management, which also invested in the properties, will perform asset management duties.
The CCP III LP fund was the first fund launched by Tristan since Lewis set the firm up in 2009. The firm is understood to already have put more than 40 percent of its capital to work with much of that equity invested during its fundraising. Other investments include a retail and residential complex in Düsseldorf, an office in Glasgow and six Czech logistics parks.
Tristan has also been linked to a German logistics portfolio being sold by logistics giant ProLogis in a deal valued at €137 million, according to multiple reports.