Swiss private equity group Corestate Capital has transferred management of its German Commercial Properties Fund to London-based Tristan Capital Partners, according to a report by Perenews.
Swiss private equity group Corestate Capital has transferred management of its German Commercial Properties Fund to London-based Tristan Capital Partners, according to a report by Perenews.
Launched in 2007, the German fund is believed to have some €280 mln of gross assets under management with limited partners including CBRE Global Investors, Partners Group and Finnish financial services group Pohjola. The limited partners are understood to have agreed to the transfer, Perenews reported.
Corestate could not be reached for comment; Tristan declined to comment.
The transfer of control was reportedly agreed last week following a decision by Corestate earlier this year not to seek to extend the fund beyond a maturity date in July.
In May, Corestate’s founder Ralph Winter told PropertyEU that the company was seeking further expansion on the back of investor appetite for clear, structured club deals and that it was targeting €1 bn of club deals this year.
Hot on the heels of that news, the company announced that Steffen Ricken, former managing director of IVG Institutional Funds, had joined Corestate as managing director and head of global capital raising. In that capacity, he is responsible for expanding the joint venture/club deal business as well as the development of institutional products.
