01 Aug 2016

Tristan fund & Signature Capital sell Karstadt Munich Department store to RFR Holding

Source: Tristan Capital Partners

London: EPI Special Opportunities 3 (EPISO 3), an opportunity fund advised by Tristan Capital Partners, the pan-European real estate investment manager, and Signature Capital, have sold a 56,383 sq.m. department building opposite the main train station in central Munich to RFR Holding.

The property is 100% leased to Karstadt, Germany’s well-known department store chain. The store is comprised of six upper floors and 497 parking units on the lower five floors. The property is well located in central Munich, within walking distance of the famous Stachus/Karlsplatz and the main station and is one of Karstadt’s top performing stores.

Rui Tereso, Head of Portfolio & Asset Management at Tristan Capital Partners, said:

 “The Munich Department Store is a unique property in a truly core location. Since our ownership we have worked closely with our operating partner Signature Capital to improve the institutional quality of the asset. The sale to RFR provides us with the opportunity to recognise the value created and generate an attractive return for our Fund and its investors.

Alexander Koblischek from RFR Holding added:

”We are pleased to be back in the Munich metropolis having acquired an asset in a most attractive and lively location.”

The property comprises the department store/building complex at Bahnhofplatz 7 and consists of the two building sections: the New Building and the Old Building. The Old Building is a distinctive, listed property built in 1905, based on designs by the Munich architect Max Littmann. The new building was completed in 1971, just before the Olympic year in the city. It has four underground levels and six upper levels.

EPISO 3 was represented by Greenberg Traurig, while RFR Holding was advised by Clifford Chance.