Tristan Fund Acquires Frankfurt Waterfront Office from Dream REIT JV
Source: Tristan Capital Partners Press Release
16 November 2018, London: The EPISO 4 opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired off market a 14,093 sqm office building located directly on the Main River waterfront in the Westhafen district of Frankfurt, from a joint venture between Canada’s Dream REIT and Korea’s Public Officials Benefit Association. The deal was brokered by BNP Paribas.
Constantin Plenge, Executive Director at Tristan Capital Partners, said: “Despite increasing demand for offices in Frankfurt and a significant decline in available space, the development pipeline in the Rhine-Main region is at its lowest point since 2008. We believe these strong market fundamentals will underpin the forward occupier demand and rents for this high quality office asset, which is in an attractive waterfront location with exceptionally good transport links. Our focus in the first instance will be on substantially upgrading the cooling system of the building and creating an even higher standard of office space.”
The H-shaped office building is relatively new (2009) and of high specifications and quality, with 1,400 sqm floorplates offering a wide range of flexibility for different configurations. The asset also features 208 parking spaces.
Barings has been appointed as the local asset manager and will be responsible for all leasing and refurbishment activities.