CCP 5, a new perpetual core-plus fund advised by Tristan Capital Partners, has acquired an office building in south London for £71.5 mln (€78 mln).
The Interchange Building in Croydon was purchased from a fund managed by CarVal Investors.
The 180,000 square foot (16,722 m2) building is arranged over nine floors. The tenants include EDF Energy, Siemens, and Vitality Corporate.
The building was extensively refurbished in 2014 and provides 420 car parking spaces.
'This acquisition allows us to capitalise on Croydon's emergence as a low cost, high amenity alternative to London's core office locations,' said Peter Mather, managing director of investments at Tristan Capital. 'The recently refurbished Interchange Building is currently the only office located in Croydon offering 10,000 square foot plus Grade A space and is in a prominent location with excellent transport links.'
DTRE, Maples Teesdale, PwC and TMD advised CCP 5 in the transaction. CarVal Investors was advised by Tudor Toone.
Tristan's pan-European real estate funds include core-plus and value-added/opportunistic strategies with total assets under management of over €8 bn.
