Bayerische Versorgungskammer (BVK) has bought €70.5m in mixed-use real estate in Düsseldorf from Tristan Capital Partners.
Germany’s largest public pension fund bought the retail-residential complex Dieterich Karree in the city’s Pempelfort district from Tristan’s CCPIII core-plus fund.
The 29,000sqm property, which includes residential and retail space, was sold to BVK’s architects’ pension scheme, Architektenversorgung, at a 5.2% yield. Tristan, which had bought the building through a foreclosure process in 2011, said it had found new tenants on long-term leases for the asset. Tristan worked with local firm Pamera Asset Management on the property, which is 95% let.
Ben Newman, managing director, portfolio/asset management at Tristan Capital Partners, said: “On its purchase, we were confident that the German residential and retail markets were set for a strong run, as indeed has occurred, so we have comfortably exceeded our return target for the CCPIII fund.”
In the UK, a joint venture between Tristan and Clearbell Capital has sold a regional retail property for £16.3m (€20.4m).
Borough Parade in Chippenham was sold to Development Securities through the joint venture companies’ respective MoREOF and EPISO funds.
Jeremy Bullock, Tristan’s director of portfolio and asset management, said a “pick-up in UK retail values” spreading to secondary markets had “gathered momentum”, and now was an “opportune time to sell”, with the joint venture achieving its return targets.
No comments yet