Tristan Capital Partners’ European opportunity fund EPISO 3 has acquired the Barthonia Forum mixed-use estate in Cologne’s Ehrenfeld district for about €110 mln in a joint venture with Freo Group.
Tristan Capital Partners’ European opportunity fund EPISO 3 has acquired the Barthonia Forum mixed-use estate in Cologne’s Ehrenfeld district for about €110 mln in a joint venture with Freo Group.
The estate has a net lettable area of around 70,000 m2 spread over 12 buildings, which range from period apartment blocks with ground floor retail units, to an office tower and the former ‘4711’ cologne production site that has been partially converted into offices. The complex includes a shopping centre anchored by the Kaufland supermarket chain.
Commenting on the deal, Ali Otmar, managing director of Tristan Capital, said: ‘Barthonia Forum presents an opportunity to transform an inner-city square, a short walk from the centre of Cologne, into a vibrant quarter with an attractive retail, office and residential offer thanks to great tenant demand in this attractive micro-location in one of the largest and most dynamic German cities.
‘The investment gives EPISO 3 a mixture of ongoing cashflow as well as value-add asset management opportunities through repositioning in a number of properties on the site to offer better accommodation for retail, residential and office tenants.’
In addition to acting as co-investor, Freo will advise the joint venture on asset management and other repositioning activities.
EPISO 3 was advised by Olswang for legal, PriceWaterhouse Coopers for tax and financial advice and gfp Real Estate Advisors for technical advice.