Tristan Capital Partners’ third European opportunity property fund has sold a mixed-use estate in Germany for around €220m through a number of separate transactions.

The EPISO fund, together with local operating partner and co-investor FREO Group, sold the majority of the estate known as Kölnisch Quartier to the Family Office East Guardian advised by BLUE Asset Management for an undisclosed sum.

The property – formerly known as Barthonia Forum – in Cologne’s Ehrenfeld district, consists of more than 50,000sqm of lettable area including food-based retail, office space as well as 124 residential units.

The mixed-use Barthonia Forum asset was bought in May 2015 for EPISO 3 for €110m in a joint venture with FREO.

The disposal follows the transformation of the mixed-use estate into a vibrant city quarter through active asset management with its local operating partner and co-investor FREO.

Fabian Meinsen, Director, at Tristan said: “This latest transaction marks the successful disposition of the entire estate and demonstrates our capacity to creatively implement asset management strategies in the established and maturing German market.

“At the time of acquisition, the asset had significant vacant space, a short residual lease duration to expiry and suffered from under-utilised space.”

Jan Heidelmann managing director, co-head of Germany, at FREO said: “After an almost four year great and trustful partnership we are happy to have successfully completed the transformation of this historic site into a modern and lively quarter while still keeping the very distinctive charm of the former 4711 production facility.

“Key for this was the close and fair cooperation with partners including our tenants and the local authorities.”

Erik Wigertz, CEO of East Guardian said: ”We are proud to be new owners of the historical landmark that the former 4711 Eau de Cologne factory is and look forward to developing this area of Cologne in close cooperation with local authorities.

“We managed to complete and close this transaction in a record three weeks, something which speaks words about the professionalism of the seller and our investment manager BLUE Asset Management as well as our due diligence partners, Arnecke Sibeth Dabelstein and Stock Aders Klein + Partner.”