European Property Special Opportunities 3 (EPISO 3), an opportunity fund advised by Tristan Capital Partners, together with partner Caleus Capital Investors, has completed the sale of the Schicklerhaus office building in Berlin to Austrian group Signa Development Selection.
Schicklerhaus is a landmark building from 1910, located just north of the river Spree in the historic city centre of Berlin-Mitte, Berlin's most dynamic office sub-market. It was the final asset within a 14-property portfolio of office and retail assets located across Germany to be sold by the fund, following a three-year programme of investment and active asset management.
Episo 3 purchased the portfolio from three funds managed by DG Anlage (a subsidiary of DZ Bank Group) in December 2014.
Following the disposition of all assets, the vehicle achieved an aggregate exit price in excess of €210 mln.
'The sale of Schicklerhaus completes the successful repositioning and disposition of the assets in the portfolio to institutional investors,' said Jean-Philippe Blangy, managing director, head of asset management at Tristan Capital Partners. 'Together with our long-term partner Caleus Capital Investors, we achieved our objectives of improving the quality of the assets and ensuring their suitability to buyers. We worked hard at a granular level at each asset to correct the impairments and tailor the asset to the right buyer at the right time, which enabled us to achieve exceptional returns for our fund and its investors.'
Tristan Capital Partners was advised on Schicklerhaus transaction by Cushman & Wakefield, Clifford Chance, PWC and GFP.
