Tristan raises EUR 300m in 2nd close for core-plus fund

Pan-European real estate investment manager Tristan Capital Partners has raised over EUR 300 mln following the second close for its European core-plus real estate fund. Seven new institutional investors from Germany, France, the Netherlands and Finland, invested in Curzon Capital Partners III LP Fund (CCPIII) at the second close, joining four earlier participants from Germany, Finland and the UK.

Launched earlier this year. CCPIII has an equity target of EUR 500 mln and at present has several investors in due diligence for a subsequent closing in late November.

Tristan Capital CEO Ric Lewis said: 'Tristan is clearly benefitting from first mover advantage with our new core plus value-added strategy fund, which is attracting institutional capital from across continental Europe and the US. We believe that the strong pipeline of deals already in place for CCPIII has reconfirmed investors’ confidence in the investment thesis behind this that underpins this fund and confidence in our team’s ability to thoughtfully execute the strategy.´

CCPIII has completed several major investments in the last few months, including the £23 mln purchase of a new office block in Glasgow, Scotland, the EUR 34 mln acquisition of a retail and residential complex in Düsseldorf, Germany, a EUR 38 mln acquisition of a high street retail shopping centre in the UK, and the provision of EUR 100 mln in funding for a pan-European logistics developer.