Tristan Capital Partners and DW Real Estate have acquired a mixed-use medical and office complex in Germany for €54m.
Tristan, which is investing on behalf of its core-plus CCP 5 Long Life fund, said the asset in Dusseldorf was acquired from a closed-end Fund managed by Comes Real.
Located in the Grafenberger district of the city, the 19,682sqm site was converted into a medical centre in 2008 and is occupied by a mix of doctors’ practices, private clinics, and medical-related tenants and is 68% let.
The complex will be managed by local operating partner DWRE.
Constantin Plenge, managing director at Tristan Capital Partners, said: “This complex is a unique proposition given both the general lack of Grade A office supply in Dusseldorf and the extremely limited
availability of specialist, well-located medical centres of this size in the market. We aim to acquire further medical centres with core-plus or value-add characteristics.
“The defensive and resilient mix of tenants across the three buildings makes this an attractive cash flowing asset from day one, with the potential to lease up vacant space and regear leases over the next few years.”
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