European property investment manager Tristan Capital Partners has begun 2015 with a spate of acquisitions worth €450 mln in Germany.

European property investment manager Tristan Capital Partners has begun 2015 with a spate of acquisitions worth €450 mln in Germany.

Core plus-style fund Curzon Capital Partners III (CCP III) has bought the 37,900 m2 Neukölln Arcaden shopping centre in Berlin for €65.6 mln from AXA Immosolutions, a German open-ended fund in liquidation. The deal was financed with a €50 mln loan from pbb Deutsche Pfandbriefbank.

CCP III has also purchased a 9,300 m2 mixed-use building in Munich next to the Karstadt department store for €62.2 mln from Credit Suisse’s CS Euroreal open-ended real estate fund, which is also in liquidation.

A joint venture between CCP III and private equity firm the Freo Group plans to convert the upper floors of the building into a 175-room hotel which has been pre-let to the 25hours Hotel operator.

Tristan Capital-advised sister fund European Property Investors Special Opportunities 3 (EPISO 3) has agreed transactions pending completion worth a total of €327 mln.

They included one of the largest retail properties in central Munich, a portfolio of mixed-use properties located mainly in Berlin and Frankfurt and a logistics park in Bielefeld, North Rhine-Westphalia.

Ali Otmar, managing director of investments, said: ‘Tristan funds have started 2015 with a bang with these two acquisitions and the three others that are pending, demonstrating that even in an in-demand market like Germany there is ample opportunity to unearth assets with structural flaws that can be repositioned through active management.’