A core-plus fund managed by Tristan Capital Partners has bought a €175m office building in France from Deka Immobilien Investment.

Tristan Capital said the CCP 5 Long Life fund has bought the Ateliers du Parc office campus located in the city centre of Clichy, in Paris’ Northwest first ring.

The property comprises four office buildings situated opposite a 6-acre park/square.

Thibault Ancely, managing director in charge of investments at Tristan Capital Partners, said: “Les Ateliers du Parc further strengthens our portfolio in Paris, delivering high-quality, amenitised office space in an urban location which benefits from significant outside space and strong transport connections.

“Through our active asset management, we will enhance the ESG credentials of the buildings and finalize the leasing activities alongside our operating partner to drive income growth.

”This transaction is our tenth over the last 18 months, taking our assets under management in France to c. €1.2bn across office, logistics and retail and we are actively assessing opportunities to continue to grow our portfolio.”

L’Etoile Properties acted as the operating partner during the acquisition process and will continue in the implementation of the asset management strategy, Tristan Capital said.

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