Tristan Fund, Signature Sell Munich Department Store To RFR
Source: Property EU
EPI Special Opportunities 3 (EPISO 3), an opportunity fund advised by Tristan Capital Partners, in joint venture with Signature Capital, has sold a 56,383 sq.m. department building opposite the main train station in central Munich to RFR Holding.
Financial details were not disclosed.
The property comprises the department store/building complex at Bahnhofplatz 7 and consists of the two building sections: the New Building and the Old Building.
The Old Building is a distinctive, listed property built in 1905, based on designs by the Munich architect Max Littmann. The new building was completed in 1971, just a year before the Olympic Games were held in the city. It has four underground levels and six upper levels.
The property is 100% leased to the German department store chain Karstadt, and comprises six upper floors and 497 parking units on the lower five floors.
Rui Tereso, head of portfolio & asset management at Tristan Capital Partners, said: 'Since our ownership we have worked closely with our operating partner Signature Capital to improve the institutional quality of the asset. The sale to RFR provides us with the opportunity to recognise the value created and generate an attractive return for our fund and its investors.'
EPISO 3 was represented by Greenberg Traurig, while RFR Holding was advised by Clifford Chance.