A core-plus fund advised by Tristan Capital Partners has acquired an office complex comprising four buildings in Berlin-Mitte, in close proximity to Checkpoint Charlie, for a total of €39 mln.
The property was sold by a fund managed by DG Anlage Gesellschaft.
The buildings acquired by Curzon Capital Partners IV (CCP IV), in partnership with local joint venture partner and asset manager Caleus Capital Investors (CCI), comprise a total of 18,000 m2 of office and retail space and are currently let to 46 national and international occupiers.
CCI is also acting as a co-investor in the deal, as it has done a number of prior investments in Germany by funds advised by Tristan.
Ali Otmar, managing director at Tristan Capital Partners, commented: 'We have identified a number of asset management initiatives that will allow us to reposition these properties in this highly desirable location so that they continue to appeal to local and international tenants now and in the future.'
Clifford Chance acted as legal counsel for CCP IV while PwC advised on tax matters and GFP Real Estate Advisors on technical issues. BNP Paribas acted as advisor to the vendor while White & Case acted as legal counsel.
