CCP III, a fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired the 13-storey city hall of Berlin’s central Mitte district,
CCP III, a fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired the 13-storey city hall of Berlin’s central Mitte district,
The price tag of the deal, which was carried out with Tristan´s Berlin based operating partner Caleus Capital Investors, came to €29 mln. The seller was an unnamed closed-end retail real estate fund.
The building is occupied by Berlin Mitte’s administrative offices and a two-storey pavilion located to the rear houses the district’s council chamber. It sits at the western end of the Karl-Marx-Allee immediately adjacent to the Schillingstrasse metro station.
'There are very few properties in the Mitte district than can provide 20,000 m2 of continuous office space suitable for local government occupation,' commented Ali Otmar, managing director of Tristan Capital Partners.
This is the third office property Tristan-managed funds have acquired in Berlin in the last 12 months following EPISO 3’s purchase of two properties in Mitte and Lichtenberg in April 2013.
'Berlin, with its favourable supply/demand dynamics for well-located office properties, remains one of the more attractive investment locations we want to focus on in Germany. The acquisition also fits squarely into the CCP III fund’s core plus investment strategy,' added Otmar.
Tristan’s CCP III Fund completed a final capital raising close in February 2012 when it raised €420 mln.
Berwin Leighton Paisner advised Tristan and Caleus.