06 Jun 2016

Tristan Fund and Caleus Acquire Landmark Office Building In Berlin-Mitte For €39 Million

Source: Tristan Capital Partners

Berlin: A core-plus fund advised by Tristan Capital Partners, the pan-European real estate investment manager, has acquired an office complex comprising four buildings in Berlin-Mitte, in close proximity to Checkpoint Charlie for a total consideration of €39 million. The property was sold by a fund managed by DG ANLAGE Gesellschaft mbH.

The buildings acquired by Curzon Capital Partners IV (CCP IV), in partnership with local joint venture partner and asset manager caleus capital investors gmbh (CCI), comprise a total of c. 18,000 sqm of office and retail space and are currently let to 46 national and international occupiers. CCI is also acting as a co-investor in the deal, as it has done in a number of prior successful investments in Germany by funds advised by Tristan Capital Partners.

Ali Otmar, Managing Director at Tristan Capital Partners, said: “This transaction demonstrates our continued appetite for investing in Germany, where Tristan-advised funds have made over 38 purchases to date worth a total of more than €3.0 billion. The German, and particularly Berlin, market enjoys strong fundamentals and the asset is extremely well located in Berlin’s Mitte district, a popular choice for a diverse base of office occupiers with excellent transport links. We have identified a number of asset management initiatives that will allow us to reposition these properties in this highly desirable location so that they continue to appeal to local and international tenants now and in the future.”

Clifford Chance acted as legal counsel for CCP IV while PWC advised on tax matters and GFP Real Estate Advisors on technical issues. BNP Paribas acted as advisor to the vendor while White & Case acted as legal counsel.