Pan-European real estate manager Tristan Capital Partners' recently launched CCP 5 ‘Long-Life’ core-plus fund has completed its first deal, purchasing a business park in Madrid for €103 mln from an affiliate of Lone Star Funds.
The business park in Manoteras, located along the A-1 corridor north of Madrid, comprises four buildings with 38,200 m2 of Grade-A offices and 995 parking spaces.
'The first investment for the CCP 5 fund is a milestone for Tristan in Spain,' commented Nikolay Velev, Tristan's director of investments. 'It allows the core-plus fund to enter the dynamic office market of Madrid, which has a significant supply-demand imbalance following six years of record low completions.'
The Tristan fund is partnering with Zaphir Asset Management, a subsidiary of Aguirre Newman that is co-investing in the transaction.
'We are very pleased to be appointed by CCP5 as local operating partner responsible for asset management,' said Fernando Ramirez de Haro, partner and managing director at Zaphir Asset Management. 'We are already active in the market working to secure corporate occupiers for the vacancy in the park and are confident that the A-1 corridor offers a healthy rental growth opportunity as its one of the most consolidated non CBD office markets in Madrid.'
Advising CCP 5 on the transaction were Aguirre Newman, JLL and Freshfields Bruckhaus Deringer. CBRE, Knight Frank and URIA Menendez acted on behalf of Lone Star.
