A value-add fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired a mixed-use scheme in Cologne.
DuMont Carré was acquired by European Property Investors Special Opportunities 4 L.P. (EPISO 4) in a joint venture with Concepta Projektentwicklung rom a closed-ended fund for private investors.
The investment volume was not disclosed.
The property comprises a shopping centre, offices and residential space, and fronts onto Breite Strasse, one of the city’s main pedestrian shopping streets.
'Cologne city centre is one of Germany’s top shopping destinations and this property occupies a prime pitch on one of the principal streets for retailers,' commented Nikolay Velev, director at Tristan Capital Partners. 'Given its longevity of income for office and residential, the asset offers a stable and diversified income stream. Our focus will be on optimising the retail component, capitalising on the central location and excellent physical quality of the complex.'
DuMont Carré comprises some 20,000 m2 of retail space and was renovated in 2014. It is anchored by Zalando, Woolworth and Fitness First and currently let to more than 20 retailers. The building also provides 9,000 m2 of offices that are long-let to WDR and 129 apartments which are fully occupied, plus parking for 670 vehicles.
'We have identified various asset management initiatives that will allow DuMont Carré to attract more visitors and are already in advanced discussions with a number of prospective tenants. This is our second JV with Tristan and we look forward to working with them as we optimize this quality retail centre,' concluded Björn Isenhöfer, managing partner at Concepta.
Greenberg Traurig, pwc and GfP advised EPISO 4.
JLL, GÖRG and Tresono Family Office advised the vendors.
