Tristan fund buys two Frankfurt offices for EUR 90m

Tristan Capital Partners' CCP III fund has acquired two office properties in the west-central Frankfurt district of Bockenheim for about EUR 90 mln.

The buildings were originally intended to form part of a portfolio of assets in a new German listed real estate investment trust (G-REIT), which was put on hold due to adverse market conditions.

Cameron Spry, head of investments for Tristan Capital said: 'The specific history of these assets, linked to the broader developments in German real estate investment legislation and trends in the equity markets, allowed us to acquire them at a very competitive price. Their top central location in Continental Europe's financial hub should also ensure solid returns for investors in Tristan's CCPIII fund.'

The office buildings were developed in 1998 and have a total leasable area of 34,844 m². They are located close to Frankfurt's university and banking districts.

The larger building is fully let to tenants such as DWP bank, KfW and Nomura while the second building is a mixed-use property including 43 residential apartments and a number of retail units. The properties are a short walking distance from Frankfurt's upmarket West End residential area and the Frankfurter Messe exhibitions space.

Jones Lang LaSalle in Frankfurt represented the vendor and Tristan's German deal team was led by executive director Ali Otmar.

The property will be managed by Pamera Asset Management, which also acted as a co-investor.

Tristan is an independent London-based investment management boutique specialising in real estate investment strategies across the UK and Continental Europe. The firm is the portfolio manager for opportunistic strategies European Property Investors and European Property Investors Special Opportunities and core plus fund Curzon Capital Partners III.