Tristan Capital Partners’ core-plus Curzon Capital Partners 4 Fund and joint venture operating partner Kintyre, have sold the City Carrée Salzgitter shopping centre, located in Germany’s Lower Saxony region, to a subsidiary of Volksbank BraWo for an undisclosed sum.
City Carrée is a 17,345 m2 food-anchored centre constructed in 2008 and is the dominant retail scheme in the centre of Salzgitter. Following the acquisition of the asset in 2017, the fund has repositioned City Carrée Salzgitter as a core asset, optimizing the service charge and re-gearing the two largest tenants, consumer electronics retailer Media Markt and hypermarket Kaufland.
Fabian Meinsen, executive director at Tristan Capital Partners, said: ‘As a dominant, convenience-led, well-located shopping centre, City Carée Salzgitter is a defensively positioned retail scheme located in the centre of the community. Our focus over the past three years has been on stabilising the asset through regears, signing new tenants and expanding the offering, all of which has made this a highly successful investment for the Fund.’
Tristan and Kintyre were advised by Greenberg Traurig, PWC and Brookfield.
