European investment manager Tristan Capital Partners has purchased an office in Bonn for €35 mln from Art Invest Real Estate, representing the German debut for Tristan's CCP 5 'long-life' core-plus fund.
The 18,658 m2 office complex, which is wholly occupied by Deutsche Telekom, was secured in an off-market deal.
'The fund was able to acquire the office complex on attractive terms without having to go through the structured auction processes that typically drive sales of this kind of an asset in Germany, due to Tristan’s extensive network of local contacts on the ground,' commented Ali Otmar, senior partner and deputy head of investments at Tristan Capital.
'The knowledge and experience of our German joint venture operating partner, Silver Cloud Invest, also played an important role in the transaction and they will be making a co-investment in the deal alongside CCP 5.'
According to Tristan, Bonn has a buoyant office market with a vacancy rate of just 2.7% and a limited pipeline of new supply.
Tristan was advised on the transaction by e_con realestate, Greenberg Traurig and CBRE Preuss Valteq, while Art-Invest Real Estate was advised by Taylor Wessing.
