Tristan Capital has been tipped as the buyer of the AEW City Office Germany Fund, a sizeable portfolio of German offices which has been on the market since earlier this year.
Financial details were not disclosed, but PropertyEU reported some months ago that the seven office properties, covering some 83,000 m², were valued at around €480 mln in Q1 2020.
According to Thomas Daily, Tristan has now registered the acquisition of City Office Germany, which is believed to be the same collection of core offices marketed by AEW at the start of 2020.
PropertyEU disclosed in May that AEW was in a structured process with interested parties to sell seven properties located across Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne and Munich from its AEW City Office Germany Fund.
Although the vendor did not say what price it was seeking, the package of office buildings was believed to have gone on the market in Q1 2020 for about €480 mln, with Colliers International advising AEW.
Sources say that the sales process was not structured as a formal public bid under the circumstances, but involved the vendor holding talks with a number of interested parties.
In an interview with PropertyEU at the time, Jérémy Convert, executive director of investments based in Paris at AEW, said: ‘What we hear is that there will be a minor re-pricing of core real estate.
'We have issued some expressions of interest during the lockdown in Paris on core assets with minor re-pricing compared to what we could have offered before. At the moment what we are seeing is between 5% and 10%.’
Investment head of funds & separate accounts in Germany, Marc Langenbach, also told PropertyEU at the time that buyers in Germany ‘also want a small discount, up to 5% depending on the asset class.’
