Tristan Capital Partners has bought a building in Cologne for the European Property Investors Special Opportunities 3 fund.
The mixed-use Barthonia Forum asset was bought for EPISO 3 for €110m in a joint venture with FREO Group.
The property, in Cologne’s Ehrenfeld district, includes 12 individual buildings including a shopping centre anchored by Kaufland. The 70,000 sqm site also includes the former factory of the ‘4711’ cologne and an additional 204 apartments.
Ali Otmar, managing director of Tristan Capital, said the investment gives EPISO 3 a “mixture of ongoing cashflow as well as value-add asset management opportunities”. The firm will, he said, look to reposition a number of properties on the site to offer “better accommodation for retail, residential and office tenants”.
“Barthonia Forum presents an opportunity to transform an inner-city square, a short walk from the centre of Cologne, into a vibrant quarter with an attractive retail, office and residential offer thanks to great tenant demand in this attractive micro-location in one of the largest and most dynamic German cities,” Otmar said.
FREO will advise the joint venture on asset management.