Pan-European real estate investment manager Tristan Capital Partners has acquired an office in Frankfurt from a joint venture between Canada’s Dream REIT and South Korean pension fund Public Officials Benefit Association (POBA) for its EPISO 4 opportunity fund.
Financial details were not disclosed.
The 14,093 m2 office building is located directly on the Main River waterfront in the Westhafen district of Frankfurt. The deal was brokered by BNP Paribas Real Estate.
'Despite increasing demand for offices in Frankfurt and a significant decline in available space, the development pipeline in the Rhine-Main region is at its lowest point since 2008,' said Constantin Plenge, executive director at Tristan Capital Partners.
'We believe these strong market fundamentals will underpin the forward occupier demand and rents for this high quality office asset, which is in an attractive waterfront location with exceptionally good transport links. Our focus in the first instance will be on substantially upgrading the cooling system of the building and creating an even higher standard of office space.'
The H-shaped office building is relatively new (2009) and of high specifications and quality, with 1,400 m2 floorplates, Tristan said. The asset also features 208 parking spaces.
Barings has been appointed as the local asset manager and will be responsible for all leasing and refurbishment activities.