Tristan Capital Partners, the London-based private equity real estate firm, has agreed to invest €273 million in a portfolio of 15 Dutch retail properties from the insurance group Delta Lloyd.
Sectie5 Investments, based in Amsterdam, has co-invested alongside Tristan and will act as local operating partner in advising the joint venture on asset management and other repositioning initiatives.
The 15 properties acquired by Tristan are mainly located in the Randstad, the central conurbation of the Netherlands that includes the cities of Amsterdam, The Hague, Rotterdam and Utrecht. Ten of the assets in the portfolio are predominantly convenience-based shopping centers in the largest cities of the Netherlands or their heavily populated vicinities, while five assets comprise strips of high street shops in smaller cities.
The firm used capital from its European Property Investors Special Opportunities 4 (EPISO 4) fund which hit its €1.5 billion hard cap back in 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.
“Well-located retail assets like these will benefit as consumer confidence improves, a theme that we have pursued already in Germany and the UK,” commented Ali Otmar, a managing director at Tristan.
The acquisition will be Tristan’s second in the Netherlands in six months following the purchase of the vast majority of Italian insurance giant Generali’s Dutch real estate.
Alongside Dutch operating partner Timeless Investments, Tristan acquired the portfolio of 39 properties for €212 million, 80 percent of which are located in Amsterdam’s central urban conurbation, the Randstad.
Tristan Sectie5 Investments were advised by Houthoff Buruma, Cushman & Wakefield and PWC on the legal, commercial and tax aspects of the transaction.