28 Jun 2022

Tristan Fund Sells German Warehouse Portfolio to Crossbay

Source: Tristan Capital Partners Press Release

28 June 2022, London: EPISO 5, a fund managed by Tristan Capital Partners, has sold a portfolio of warehouse assets located in Germany to Crossbay, the urban logistics platform for pan-European real estate investment manager MARK.

The portfolio consists of three assets delivering c. 42,000 sq m of high-quality logistics floorspace. The transaction is the first disposition from the €1bn Summit Group portfolio of 69 assets, purchased in June 2021. The disposition was led by Sonar Real Estate. 

All three assets are fully leased. The largest warehouse provides around 25,000 sq m of logistics space located within a logistics hotspot on the outskirts of Berlin. The remaining assets are in prime positions around Leipzig and Dresden.  

Fabian Meinsen, Managing Director – Portfolio & Asset Management, at Tristan Capital Partners, said: “The disposal is in line with the strategy to sell stabilised assets from the Summit portfolio acquisition and represents the first in a number of sales. Together with our trusted and experienced team of Operating Partners we are progressing with our asset management initiatives and drive disposals once the assets are stabilised.”

Marco Riva, Head of Logistics and Crossbay at MARK, added: “This latest portfolio acquisition fits perfectly in line with our strategy to create a market-leading urban logistics portfolio in Europe. Germany remains a key target market for Crossbay as we look to grow our AUM in Germany to €300m by Q3 2022. We expect demand for high quality logistics space close to core cities to continue to rise, with coronavirus and subsequent lockdowns only turbocharging the shift to online shopping.

“Our ability to deploy capital quickly combined with a genuine Pan-European network of on-the-ground local teams will allow us to source other attractive opportunities like the portfolio acquisition announced today, with our focus remaining on single-user distribution centres close to major urban areas.”

 Tristan was advised by CliffordChance, PWC and AP-Advice. HauckSchuchardt, Drees & Sommer advised Crossbay.