A fund advised by Tristan Capital Partners has completed the sale of Bockenheimer Warte in Frankfurt to a joint venture led by Aurec Capital together with two Israeli insurers including Menora Mivtachim.

A fund advised by Tristan Capital Partners has completed the sale of Bockenheimer Warte in Frankfurt to a joint venture led by Aurec Capital together with two Israeli insurers including Menora Mivtachim.

The assets, which were owned by Tristan's CCPIII Core Plus fund, were divested for €95 mln.

Located in Frankfurt's Bockenheimer district, the properties offer 30,000 m2 of office space, 2,500 m2 of residential space, and 2,500 m2 of commercial and storage space, as well as a 350-­space underground parking garage.

The buildings are 98% occupied with an average lease of 11 years. DWP Bank and government-­owned KFW are the two main tenants.

'This sale will allow our investment team to re-deploy the equity that was invested in the asset into new
transactions,' said Ric Lewis, CEO of Tristan.

Amir Ramot, head of real estate at Aurec Capital, added: 'This purchase is part of our strategy to increase Aurec's portfolio in Germany and in Western Europe. We are actively looking for new investment opportunities in the German market.'

CCPIII Fund has already deployed and committed 90% of its €417 mln equity over 17 asset/portfolio
transactions across different European countries predominantly in Germany, Poland and the UK.

Last week, the fund acquired a 21,000 m2 retail complex in Folkestone, UK, out of receivership.The Bouverie Place shopping centre was bought in a joint venture with UK retail asset manager Ellandi.