Tristan fund snaps up London office for €96m

Tristan Capital Partners has purchased a grade A office building in London’s Stratford area for £70 mln (€96.2 mln) from retail specialist Westfield.

No. 1 Stratford Place is a six-storey building with 11,800 m2 of office space located in Stratford City, one of Europe’s largest mixed-use urban regeneration projects which was developed as the gateway to the Olympic Park for the London Olympics.

Australian shopping centre group Westfield was the lead developer for the project as the centre piece was the 177,000 m2 Westfield Stratford City shopping centre.

CCP IV
The acquisition of the office property at No. 1 Statford Place represents the first acquisition for the core plus-style fund by Curzon Capital Partners IV (CCP IV), which raised around €300 mln in commitments at its first close in late 2014.

CCP IV has appointed Alchemy Asset Management as its asset management partner. Allen and Overy acted as legal advisors to the fund.

'Stratford is set to benefit from strong rental growth affecting most office locations across London, driven by limited Grade A supply, lack of speculative development and the erosion of existing stock through office-to-residential conversions,’ said Peter Mather, managing director of investments at Tristan Capital.