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Tristan invests €122m in four Italian shopping centers

The London-based private equity real estate firm’s latest acquisition represents its first major investment in the country in a number of years.

Tristan Capital Partners, the London-based private equity real estate firm, has invested approximately €122 million in four Italian shopping centers.

The firm used capital from European Property Investors Special Opportunities 3, its €950 million European value-added and opportunistic fund, to acquire the assets from French listed retail developer-investor Altarea.

The portfolio of neighborhood shopping centers is spread across three different Italian regions: Due Valli in the town of Pinerolo and La Cittadella in Casale Monferrato, both in the northern Piedmont region, Cassetta Mattei located in the southwestern suburb of Rome and an asset located in Ragusa, Sicily.

The assets are all recently constructed and have an overall occupancy of 93 percent. Pradera will act as the asset manager for the portfolio.

“Italy is firmly back on the radar screens of pan-European investors and Tristan has been looking to make our first major move in the market for some time,” commented Cameron Spry, head of investments at Tristan.

Tristan is also nearing a first close on European Property Investors Special Opportunities 4 (EPISO 4), its latest European value-added and opportunistic fund. Market sources say that the firm is likely to collect well in excess of €500 million for the first close which is expected to take place towards the end of June.