A core-plus property fund advised by Tristan Capital Partners has bought an office asset in Berlin.
Curzon Capital Partners IV, in a joint venture with German asset manager Caleus Capital Investors (CCI), bought the four buildings in Berlin-Mitte for €39m.
The complex was sold by a fund managed by DG Anlage.
Ali Otmar, managing director at Tristan Capital Partners, said the deal illustrated the company’s “continued appetite for investing in Germany”.
Tristan-advised funds, he said, have made more than 38 purchases to date in Germany, worth a total of more than €3bn.
“The German market, and particularly Berlin, enjoys strong fundamentals, and the asset is extremely well located in Berlin’s Mitte district, a popular choice for a diverse base of office occupiers with excellent transport links,” he said.
“We have identified a number of asset management initiatives that will allow us to reposition these properties in this highly desirable location so they continue to appeal to local and international tenants now and in the future.”
The 18,000sqm scheme includes office and retail space let to 46 national and international occupiers.
CCI is also co-investing in the deal.