Tristan CCPIII Fund and Aurec Capital transact on Frankfurt office buildings for €95 Million
Source: Tristan Capital Partners Press Release
The CCPIII Core Plus fund advised by Tristan Capital Partners has completed the sale of the Bockenheimer Warte assets in Frankfurt for €95 million to a JV led by Aurec Capital together with Menora Mivtachim Insurance Group and another Israeli Insurance company.
The buildings, in Frankfurt's downtown Bockenheimer district, have 30,000 square meters of office space, 2,500 square meters of residential space, and 2,500 square meters of commercial and storage space, as well as a 350-space underground parking garage. The buildings are 98% occupied with an average lease of 11 years. DWP Bank and government-owned KFW are the two main tenants.
Ric Lewis, CEO at Tristan Capital Partners said: “We are pleased to have achieved our goals for this asset and for our investors, well ahead of our business plan in terms of timing and investment results. This sale will allow our investment team to re-deploy the equity that was invested in the asset into new transactions. CCPIII Fund has already deployed and committed 90% of its €417 million equity over 17 asset/portfolio transactions across different European countries predominantly in Germany, Poland and UK.”
Jean-Philippe Blangy, Executive Director Portfolio and Asset Management at Tristan Capital said: “Having secured a new 15 firm year lease with anchor tenant DWP Bank, together with our partner Pamera Asset Management, we took the opportunity to accelerate our business plan providing attractive returns to our investors.”
Amir Ramot, Head of Real Estate at Aurec Capital said: “This purchase is part of our strategy to increase Aurec's portfolio in Germany and in Western Europe. We are actively looking for new investment opportunities in the German market. Aurec is proud to have two Israeli institutional investors as its equity partners on this investment.”