Tristan Capital Partners, the London-based private equity real estate firm, has sold six office properties in Germany for around €70 million.
The firm sold a Berlin office building and a mixed-use building in Hamburg to the Los Angeles-based alternative asset manager Ares Management.
The Berlin property, Charlotten-Carrée, is located in the city’s media district between Potsdamer Platz and Gendarmenmarkt. The property comprises a total lettable area of approximately 1.2 million square feet across six floors with an occupancy rate of close to 100 percent. The Hamburg mixed-use building provides a total lettable area of around 110,200 square feet spread over seven floors.
German real estate investor, the Markus Gerold Group, acquired two of Tristan’s properties located in Bochum. One of the properties is the almost fully occupied commercial building Lennershofstraße 160-162 which comprises a total lettable area of approximately 25,833 square feet and is located close to both Ruhr University Bochum and the technology centre in Ruhr. The second Bochum property is the Konrad-Zuse-Straße 10-16 which provides 50,590 square feet of office space on three floors and an occupancy rate of around 70 percent.
A private investor purchased a further mixed-use property Kollaustraße 67-69 in Hamburg. The anchor tenant of the building is Hamburg University Hospital and the ground floor of the building accommodates a retail unit.
Tristan also sold the office and training centre of public healthcare companies at Bismarckstraße 92/96 in Tübingen.
London-based property services firm Savills advised Tristan on the sale of the assets.
Tristan had spent the earlier parts of 2015 investing in properties in Germany. Most notably in April when it 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.