The CCP 5 ‘long-life’ core-plus fund, advised by Tristan Capital Partners and Cologne-based joint venture operating partner Silver Cloud Invest, has completed the letting of a large office complex in Bonn, Germany.
The deal is the largest single office letting for CCP 5 in Germany to date.
The 18,623 m2 site in the Bundesviertel area of the city has been leased to the Institute for Federal Real Estate (BImA), the German government’s property arm, which is acting on behalf of two government ministries. The tenant offers a strong covenant and a long, nine-year lease. As part of the letting a €14 mln investment is planned for the office space.
‘Securing a tenant of this calibre underlines the resilience of the German office market, reflects the storng occupational demand and limited supply of well-located and efficient office space,’ said Fabian Meinsen, executive director, portfolio and asset management at Tristan Capital Partners.
Stephan Festerling, head of asset management at Silver Cloud Invest, said: ‘The re-letting of the building in its entirety in the current environment emphasise the stable situation on the German office market, especially in the federal city of Bonn.’
CCP 5 acquired the complex, which was previously occupied by Deutsche Telekom, in late 2017.
