London-based investment manager Tristan Capital Partners has bought the first property for its Curzon Capital Partners III (CCP III) fund since the first equity raising for the core-plus vehicle closed in June.
London-based investment manager Tristan Capital Partners has bought the first property for its Curzon Capital Partners III (CCP III) fund since the first equity raising for the core-plus vehicle closed in June.
CCP III has acquired a retail and residential complex in Düsseldorf for EUR 34 mln, together with local joint venture partner Pamera Real Estate Group.
The property comprises a 11,600-m2 retail centre anchored by Edeka and Aldi supermarkets; about 280 residential units; and two floors of underground parking.
Ric Lewis, CEO of Tristan Capital and senior portfolio manager of CCP III said: 'We think this is an opportunity to reposition a property over the long term that has suffered from a historic lack of investment.'
Tristan said it had secured exclusivity on several investment transactions when announcing the first close for the fund’s capital raising in June.
Tristan is an independent London-based investment management boutique with EUR 2.8 bn in assets under management.
The Pamera group comprises three owner-managed companies: Pamera Asset Management; Pamera Development; and Pamera Real Estate Partners. The group has some EUR 700 mln of assets under management.
