Tristan Capital Partners’ core-plus CCP 5 fund has joined forces with Silverton Asset Solutions to acquire a landmark office tower in Essen, Germany, from local developer Kölbl Kruse.
Financial details were not disclosed.
Located in the central business district of the city, the 23,542 m2 listed site is fully occupied by a blue-chip renewable energy company. Originally built in the 1960s, the 21-storey high-rise is a landmark building, located close to Essen’s metro and main railway station, as well as Dusseldorf International Airport.
The asset will be managed by operating partner Silverton Asset Solutions.
Constantin Plenge, managing director at Tristan Capital Partners, said: 'This transaction represents a unique opportunity to acquire a landmark office building below replacement costs, in a strong office market with a falling vacancy rate driven by blue-chip occupiers. We aim to fully unlock the ESG potential of this asset, in line with our “Manage to ESG” strategy, to meet the demands of increasingly discerning German occupiers.'
CCP 5 was advised by Silverton Asset Solutions, Deloitte Legal, Luther, Drees & Sommer, BNP Paribas Real Estate, PwC, Baues Wunder, and EnviroSustain.
