Tristan fund acquires German shopping centre

CCPIII, a fund advised by Tristan Capital Partners, has acquired a shopping centre in the German town of Witten in North Rhine-Westphalia.

The centre, with a total rental area of around 17,800 m2, was acquired from developer Concepta Projektentwicklung and Westdeutsche ImmobillienBank.

Financial details were not disclosed, but market sources put the purchase price at around €45 mln.

The two-storey shopping centre lies in a pedestrianised zone between railway, tram and bus stations in the town centre of Witten, which borders the municipalities of Bochum and Dortmund.

Ali Otmar, managing director at Tristan Capital Partners, said: 'Shopping centres in Germany that hold dominant positions in their local neighbourhoods are in strong demand on the European retail real estate investment market, particularly when they offer good opportunities to add value through active asset management - as is the case with Witten. This acquisition falls exactly into the core plus risk/return investment strategy of Tristan’s Curzon Capital Partners III fund.'

Frankfurt-based Kintyre Investments will be responsible for the operational asset management of the centre as well as tenant relationships. The firm will also act as a minority co-investor. In addition, Concepta will retain a minority stake and be involved in supporting certain asset management initiatives.

In July this year, the CCPIII fund bought an office complex in Warsaw's Mokotow business district for €121 mln.

In the same month, it sold the Bockenheimer Warte office premises in Frankfurt to a joint venture led by Aurec Capital for €95 mln.

By July, CCPIII had already deployed and committed 90% of its €417 mln equity over 17 asset/portfolio transactions across different European countries predominantly in Germany, Poland and the UK.