Tristan Capital Partners' EPISO 3 fund has sold the Kölnisch Quartier mixed-use estate in Cologne for €220 mln, double the price it paid for the asset in 2015.
The majority of the estate, formerly known as Barthonia Forum, was acquired by the Family Office East Guardian, advised by BLUE Asset Management.
The former production site for 4711 Eau de Cologne consists of 50,000 m2 of lettable area including food-based retail, offices and 124 residential units.
Tristan acquired the 12 buildings in a joint venture with Freo Group for €110 mln, financed with a €91 mln loan from HSH Nordbank. It repositioned the asset by securing a new long lease with anchor tenant Kaufland and further long leases with existing and new tenants for around 60% of the space, including 3,600 m2 of vacant space to one of Germany's largest private universities.
Tristan director Fabian Meinsen said: 'At the time of acquisition, the asset had significant vacant space, a short residual lease duration to expiry and suffered from under-utilised space. Together with Freo, we lifted the assets to institutional quality by letting approx. 30,000 sqm to occupiers with strong covenants on long leases.'
Jan Heidelmann, co-head of Germany at Freo, said: 'After an almost four year great and trustful partnership we are happy to have successfully completed the transformation of this historic site into a modern and lively quarter while still keeping the very distinctive charm of the former 4711 production facility. Key for this was the close and fair cooperation with partners including our tenants and the local authorities.'
Tristan was advised on the deal by HFK and PWC.
