08 Oct 2019

Tristan Fund Buys Berlin Development Site, to Invest €100 Mln in Offices and Commercial

Source: Tristan Capital Partners Press Release

October 8: The EPISO 5 value add/opportunistic Fund advised by pan-European real estate investment manager, Tristan Capital Partners, and CMF Capital, have acquired a plot for redevelopment in Berlin’s popular Neukoelln district for around €15 million.

The site was purchased from the Eversfrank Group, a family-owned commercial printing company and will be redeveloped to create around 30,000 square metres of office and commercial space for an estimated total investment of about €100 million.

The 12,000 square metre plot is located in Ballinstrasse, a short walking distance from Karl-Marx-Strasse, cross-city underground services and the German capital’s A-100 motorway. The new development, “Ink”, which stands for “Inspire Neukoelln”, will be designed to meet the requirements of modern office and commercial tenants, also achieving green certification standards (for more information on the project please visit: www.inkberlin.com).

Constantin Plenge, Executive Director at Tristan Capital Partners, said: “Tristan has been reducing its holdings in Berlin as investor appetite for stabilised assets has been insatiable. Our focus has primarily switched to well-located assets in the more supply-constrained markets but we’ve continued to evaluate idiosyncratic opportunities in Berlin and the chance to secure a site in this location, where we can control the development risk, was compelling.”
EPISO 5’s operating partner in the transaction is CMF Capital, a Berlin and Koblenz-based developer and investor.

Benjamin Berman, Director at CMF Capital, said: “Our plan is to create an outstanding office and commercial centre just to the southeast of Neukoelln; an area that has seen rapid improvement in recent years. Ballinstrasse has excellent public transport links and offers easy access via the cross-city motorway to the business districts in west and east Berlin, just a 10 minute drive from Mediaspree following current A100 works, and a 15 minute drive from Berlin’s new airport at BER. We believe that ongoing extension works to the existing motorway will further strengthen these connections and place “Ink” at the heart of the capital.”

Tristan and CMF were advised by Luther Rechtsanwaltsgesellschaft, PwC and Jones Lang LaSalle SE.