Tristan Fund Buys Seven Offices in Dusseldorf/Essen
Source: Tristan Capital Partners Press Release
EPISO 4, the opportunity real estate fund advised by Tristan Capital Partners, has acquired seven high-quality office buildings in the primary and secondary sub-markets of Dusseldorf and Essen and surrounding areas of the German state of North-Rhine Westphalia.
The assets were purchased through a joint venture with Wollenberg Investment Management (WIM) and the vendors were separate funds managed by Union Investment. The portfolio has around 60 tenants, with assets located across Dusseldorf, Neuss, Essen and Mulheim an der Ruhr and has a total gross lettable area of 54,665 sqm.
Constantin Plenge, Executive Director at Tristan, said: “The Dusseldorf and Essen area office markets have been gaining ground with low vacancy rates and strong occupier demand being met by only limited supply. This transaction represents a rare opportunity to acquire a well-diversified portfolio of good-quality assets at an attractive price in robust markets with limited downside risk. The Fund’s local joint venture partner, WIM, also has an extensive market track record and network in the North-Rhine Westphalia region.”