Tristan Capital Partners has acquired an office tower in Germany on behalf of its perpetual core-plus real estate fund.

The manager’s CCP 5 LLL fund has teamed up with Silverton Asset Solutions to buy the asset in Essen from local developer Kölbl Kruse for an undisclosed sum. The 23,542sqm asset, originally built in the 1960s, is fully let.

Tristan Capital said the 21-storey building will be managed by operating partner Silverton, with whom Tristan has previously completed one transaction involving the acquisition of a German office portfolio.

Constantin Plenge, managing director at Tristan Capital Partners, said the latest deal represents a unique opportunity to acquire a landmark office building ”below replacement costs, in a strong office market with a falling vacancy rate driven by blue-chip occupiers”.

”We aim to fully unlock the ESG potential of this asset, in line with our “Manage to ESG” strategy, to meet the demands of increasingly discerning German occupiers.”

Sebastian Steinert, regional head NRW at Silverton Asset Solutions, said: “This transaction once more underlines the attractivity of the Rhine-Ruhr area as an underestimated but rising office location. We are excited to implement the innovative future strategy of this icon of industrial history in the Rhine-Ruhr region.”

To read the digital edition of the latest IPE Real Assets magazine click here.