Tristan fund bags Warsaw office complex

Tristan Capital Partners' CCPIII core-plus fund has agreed to acquire an office complex in Warsaw's Mokotow business district from Belgian developer Ghelamco.

The investment volume is €121 mln.

The Nova complex was developed by Ghelamco's Polish arm and the second phase was completed in January 2012.

The asset provides 43,750 m2 of space and 1,000 parking spaces and is 90% occupied with tenants including BMW and LG.

Daniel Harris, managing director at Tristan Capital Partners, said: 'Poland has been a favourite market for the fund. This acquisition takes the CCPIII fund closer to being fully invested.'

CBRE, Dentons and cmT advised on the deal.

The purchase comes within days of Tristan's sale for CCPIII of Bockenheimer Warte in Frankfurt for €95 mln. The properties offering 35,000 m2 of space were sold to a joint venture led by Aurec Capital together with two Israeli insurers including Menora Mivtachim.

Last week, the fund also acquired a 21,000 m2 retail complex in Folkestone, UK, out of receivership.The Bouverie Place shopping centre was bought in a joint venture with UK retail asset manager Ellandi.

CCPIII Fund has deployed and committed nearly all of its €417 mln equity over 18 asset/portfolio transactions across different European countries predominantly in Germany, Poland and the UK.

Also in Warsaw, Aviva Investors has sold the Grójecka 127 office building in the Ochota district. The 7,400 m2 building was purchased by the Warsaw-based State Forests National Forest Holding (Generalna Dyrekcja Lasów Pañstwowych) and will become the institution’s headquarters.

Savills brokered the deal.