19 Feb 2018

Tristan funds sell German & Austrian logistics portfolios for €177.7 mn

Source: Tristan Capital Partners Press Release

Two Funds advised by Tristan Capital Partners have completed the sale of their German and Austrian logistics portfolios to Frasers Property Europe, a unit of Singapore Exchange-listed Frasers Property Limited, for €177.7 million.

Tristan’s CCP IV core plus Fund successfully disposed of three institutional logistic warehouses in Austria (at Vienna Airport and Graz) and a property located in Germany (Garching) providing the purchaser with a strongly-occupied portfolio with a WALT of 6.8 years.

European Property Investors Special Opportunities 3 (EPISO 3), the opportunity Fund advised by Tristan, also sold two logistics assets in Germany as part of the same transaction. They include a logistics site located at Bielefeld, North Rhine-Westphalia, which comprises a newly-delivered BTS facility, a 50,000 sqm facility partially let to EDEKA, and a site at Hamburg’s Container Terminal. The Hamburg asset includes an existing building and three additional warehouses currently under construction located in the Port of Hamburg, Germany’s largest port and the second largest container port in Europe.

The combined purchase will provide Frasers with a portfolio of institutional logistics assets strategically located to take advantage of key transport hubs serving strong local and international markets. The assets have a combined gross lettable area of c. 200,000 sqm.

Jean-Philippe Blangy, Managing Director, Head of Asset Management at Tristan Capital Partners, said: “Logistics is one of the most attractive real estate sectors across Europe, reflecting not only the growth in e-commerce, but also a recognition about the strength of the asset class in terms of delivering strong cash flows and long-term WALT. Together with our joint-venture partner asset manager Alpha Industrial, we have repositioned the assets to institutional quality and have now sold an aggregated portfolio of properties to the purchaser to accomplish our Funds’ objectives.”

Tristan was advised by Greenberg Traurig and PWC