European Property Investors Special Opportunities 3 (Episo 3), an opportunity fund advised by Tristan Capital Partners, has acquired the landmark Karstadt department store building opposite the main train station in Munich in a joint venture with Signature Capital.
European Property Investors Special Opportunities 3 (Episo 3), an opportunity fund advised by Tristan Capital Partners, has acquired the landmark Karstadt department store building opposite the main train station in Munich in a joint venture with Signature Capital.
Financial details were not disclosed.
The two partners have secured a €130 mln, five-year loan from HSH Nordbank to finance the acquisition.
The 92,700 m2 building is fully occupied by the Karstadt department store chain on a long lease. The asset consists of two parts: a seven-storey listed building that opened in 1905 on Bahnhofplatz, originally as the Hermann Tietz department store; and a modern Karstadt department store dating back to 1971.
In addition to acting as co-investor, Signature Capital,will advise the joint venture on asset management and other repositioning initiatives.
JLL and BNP Paribas advised on the sale.
