Tristan Capital Partners has acquired a suburban shopping centre in Berlin on behalf of its core-plus fund, Curzon Capital Partners III, for €65.6 mln.
Tristan Capital Partners has acquired a suburban shopping centre in Berlin on behalf of its core-plus fund, Curzon Capital Partners III, for €65.6 mln.
The Neukölln Arcaden has 46 retail units over a total area of 37,900 m2. Tenants include Media Markt, New Yorker, Rossman and Kaufland.
The centre on Karl-Marx-Strasse was sold by AXA Real Estate's Immosolutions, a German open-ended fund which is in liquidation. Co-investor Pamera Cornerstone will take on the asset management of the property.
Nick Puschkasch, head of Pamera Cornerstone’s Berlin office, said the new acquisition was ‘situated in an up-and-coming district of Berlin with a direct connection to the forthcoming Berlin Brandenburg airport.’
‘We have confidence in the quality of our asset management, which we have already proved with the revitalisation of the Neustadt Centrum shopping centre in Halle (Saale) and Dieterich Karree in Dusseldorf,’ he added.
Tristan Capital Partners is a real estate investment manager based in London with €5 bn of assets under management. Pamera Cornerstone is the German platform of Hartford, Connecticut-based Cornerstone Real Advisers Group, which has around €2.9 bn of assets under management in Europe and €33.8 bn worldwide.
JLL, Olswang, gfp Real Estate Advisors and PricewaterhouseCoopers advised on the sale.
