A Fund advised by Tristan Capital Partners has acquired three logistics warehouses in Austria and one near Munich Airport for nearly €60 mln.
'Logistics is currently one of the most attractive real estate sectors for investment in Europe as strong demand continues to be driven by the ecommerce revolution and underlying economic recovery,' said Ali Otmar, managing director at Tristan Capital.
Curzon Capital Partners IV (CCP IV) fund acquired two properties at Vienna Airport and one in Graz from a Fund managed by Aviva Investors for more than €40 mln. The three warehouses have a combined gross lettable area of 49,000 m2. The tenants of the two assets at Vienna Airport include the Vienna Airport company, Swissport and TNT, while the third one is located in Graz in vicinity of the cargo airport.
CCP IV partnered with Alpha Industrial, which is advising on asset management on the ground as well as tenant relationships and execution of the repositioning initiatives. Alpha will also act as significant co-investor, as it has done in a string of prior investments in Germany by funds advised by Tristan Capital.
Separately, the Tristan fund acquired a 13,000 m2 logistics property located in Garching, close to Munich Airport, from a fund managed by AXA Investment Managers – Real Assets for about €16 mln. The warehouse is occupied by Edeka and Kraftverkehr Nagel. Alpha Industrial is also the local operating partner in this joint venture deal and will co-invest alongside the Tristan fund.
In Austria, Freshfields Bruckhaus Deringer acted as legal counsel for CCP IV while Ernst & Young advised on tax issues and Drees & Sommer on technical issues. CCP IV was advised by Clifford Chance, Ernst & Young and Drees & Sommer in Germany.
