Episo 6, a fund managed by Tristan Capital Partners, has acquired a German residential portfolio alongside joint venture partner Lübke Kelber in a share deal.
The portfolio, which has been valued at around €240 mln, comprises several properties across locations in Leipzig and was acquired from Brack Capital Properties.
Lübke Kelber will act as asset manager and co-investor, overseeing the local property and facilities management companies currently contracted to the properties.
Constantin Plenge, managing director of Tristan, said: 'This transaction provides a strong footing in the German residential market as we look to build a larger, more diversified portfolio.
'Leipzig is the ideal location for our first acquisition, it is the fastest growing major city in Germany with corresponding rental and value growth potential; this portfolio is well-located and fully occupied delivering a resilient cashflow.
'Germany remains a core market for us and we’re continuing to assess thematic strategies which benefit from supply constrained long term demand drivers.'
Marc Sahling, managing director of Lübke Kelber, said that the deal underlined 'the fact that residential real estate in major German cities continues to be an attractive investment product and is also in demand from foreign investors in conjunction with regional expertise'.
Episo 6 was advised by Clifford Chance, PwC, BNP Paribas, Engel & Volkers, CBRE Valteq, Savills and Krapf Rechtsanwälte.
