Tristan Fund Acquires Retail Park with Logistics in Bavaria for €53.5 Mln
Source: Tristan Capital Partners Press Release
Curzon Capital Partners 5 (CCP 5), the ‘Long-Life’ core-plus style fund advised by Tristan Capital Partners, has acquired Hery Park, a 63,642 sqm retail park with logistics in Gersthofen, near Augsburg in Bavaria, Germany, together with its local operating partner and minority co-investor Kintyre, for €53.5 million from Revcap and FREO Group.
Hery Park encompasses a c.135,000 sqm under-utilised site, which offers the potential to densify usage and create higher value-added functions including complimentary food offering and expanding the logistics and storage facilities for tenants onsite. Tenants include Bauhaus, BabyWelt Spiel+Freizeit, POCO, REWE and Technomarkt.
Ali Otmar, Senior Partner and Managing Director at Tristan Capital Partners, said: “Hery Park is located in one of the strongest economic regions in Europe and benefits from its strategic situation to the north of Augsburg, with excellent rail connections and links to the motorway. We see significant opportunities to improve Hery Park over time through proactive asset management and are in discussions with prospective tenants and the Municipality about potential upgrades to the area, including improved road access.”
Mayer Brown conducted the due diligence on behalf of the Fund and Kintyre. Knight Frank advised the vendor.