Tristan Capital Partners’ latest European property opportunity fund has made its first investment together with Timeless Investments, with the acquisition of €54m office complex in Amsterdam.

Tristan’s European Property Investors Special Opportunities (EPISO) 5 fund, which is planning to raise €1.5bn, bought the 18,000sqm Kauwgomballenfabriek (KBF) multi-tenant office asset from Dutch investment manager APF and Lingotto.

Tristan’s operating partner Timeless Investments has a significant stake in the deal.

KBF, the former chewing gum factory and industrial site, consists of five buildings located in the Omval area of the city, on the eastern side of the Amstel River.

Ali Otmar, a senior partner and deputy head of investments, said the KBF complex has a solid reputation with an attractive tenant base in a great location.

“Amsterdam’s strong office and residential markets also make the KBF acquisition a very attractive prospect for potential further development.”

Otmar said this is the fourth acquisition we have made with Timeless and Tristan intends to draw on the experience of Timeless in this field.

Tim van Veggel, the managing partner of Timeless Investments, said: “Our collective ambition is to be part of the envisioned mixed-use development of the Omval area in close cooperation with the municipality of Amsterdam.

“Given our presence in the city as investor, developer and as co-founder of B Amsterdam, KBF is a perfect fit for us.”