Tristan Capital Partners is buying a €1bn diversified real estate portfolio in Germany on behalf of its EPISO 5 opportunistic fund.
The manager said it has agreed to buy the non-listed portfolio controlled by Summit Real Estate Holdings, and 77% of the listed GxP German Properties platform.
The total commercial platform is made up of 69 assets. The 630,812sqm portfolio comprises around 60% of knowledge office space, 30% warehouse/industrial space and the remainder is made up of necessity-led retail parks and mixed-use assets.
Tristan Capital said the portfolio offers significant value creation opportunities, including the potential for development across residential, office and industrial sectors, in markets where the manager has a strong track record, including Berlin, Heidelberg and Cologne.
The portfolio will be co-managed by a team of local operating partners, including DWRE, Rockspire and Sonar.
Tristan Capital following the acquisition of the Summit assets, EPISO 5 is considering making a voluntary public offer to acquire all the remaining shares outstanding in GxP German Properties at a cash consideration of €5 per share to provide the existing shareholders with liquidity before a potential de-listing.
“A final decision on whether to launch a voluntary public offer, the offer price and the potential de-listing has not been made yet,” the manager said.
Constantin Plenge, managing director at Tristan Capital Partners, said: “This was a rare opportunity to acquire a diverse mix of attractive assets across strategic locations in Germany.
“Robust economic performance throughout the crisis continues to underpin resilient occupational markets in Germany, making it a frontrunner in the European economic recovery story. This portfolio offers a breadth of value creation opportunities, which we can work with our partners to advance into a strengthening market.”
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