Tristan Capital Partners, the London-based private equity real estate firm, has invested €136 million in a portfolio of five retail parks and four development sites in Norway from the property arm of retail group Coop Norge.
Tristan joined forces with local operating partners FG Eiendom and Malling & Co. Eiendomskapital to acquire the portfolio, which consists of nearly one million square feet of developed retail warehouse space across five locations.
The development sites are all in the southeast region of the country, with the largest plot offering the potential to develop up to 420,000 square feet of space.
“This portfolio of well-located and modern retail parks generates an attractive income from a roster of well-established tenants, while offering potential to add value,” commented Daniel Harris, managing director for investments at Tristan.
“The fund gains immediate scale in the Norwegian retail warehousing market through this purchase, with scope to make the assets more appealing to prospective institutional owners.”
The firm used capital from its €950 million third value-added and opportunistic fund, European Property Investors Special Opportunities 3 (EPISO 3).
Tristan has already raised EPISO 3’s successor and hit the €1.5 billion hard cap for EPISO 4 back in July, smashing the fund’s €950 million target.
EPISO 4 was 30 percent oversubscribed, with Tristan turning away more than €500 million of unfulfilled demand.
Tristan invests in Western and Central European markets across the office, logistics, retail and residential sectors.