Tristan Capital Partners has bought the first asset for its ‘long-life’, core-plus real estate fund.

The investment manager’s CCP 5 fund has paid €103m for a business park near Madrid.

Tristan raised €800m for CCP 5 earlier this year, its first fund not to a have a finite life.

The property, in Manoteras, was sold by an affiliate of Lone Star Funds.

Nikolay Velev, director of investments at Tristan Capital Partners, said: “The first investment for the CCP 5 fund is a milestone for Tristan in Spain.

“It allows the core-plus fund to enter the dynamic office market of Madrid, which has a significant supply-demand imbalance following six years of record low completions.”

The 38,200 sqm park includes 995 parking spaces.

The Tristan fund is partnering with Aguirre Newman subsidiary, Zaphir Asset Management, which is co-investing in the transaction.