Curzon Capital Partners IV (CCP IV), an investment fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired the City Carrée Salzgitter shopping centre for €29 mln from a fund managed by Aviva Investors.
Located in Germany's Lower Saxony region, the centre was opened in 2008 and comprises 17,000 m2 of retail plus around 600 parking spaces. It is anchored by Kaufland and Media Markt and currently let to 23 national and international retailers.
'City Carée is Salzgitter’s dominant shopping scheme, centrally located adjacent to the main pedestrianized area,' commented Ali Otmar, senior partner at Tristan Capital Partners. 'The property has a strong, defensively positioned retail offering and is an extension of the convenience-led retail theme across Tristan’s core plus funds.'
Kintyre, the asset manager who has worked as a joint venture operating partner on two successful past investments in Germany by Tristan Capital-advised funds, will manage the property and also has a minority interest in the investment.
Greenberg Traurig acted a legal counsel for CCP IV while PWC advised on tax matters and Gleeds on technical issues. JLL represented the vendor while Linklaters acted as legal counsel.
