An opportunity fund advised by Tristan Capital Partners and Finch Properties has acquired a 40,000 m2, fully-occupied office complex in Sternengasse, Cologne city centre.
Tristan's European Property Investors Special Opportunities 4 (EPISO 4) Fund made the transaction with co-investor and operating partner Finch Properties, which originated the deal. The asset, which is 100% let to Deutsche Telekom, represents a secure income-producing asset that offers multiple development options for the future.
The investment volume was not disclosed.
Ali Otmar, senior partner for investments at Tristan Capital Partners, said: 'The fund has secured an excellent asset at a strategic location in the heart of Cologne’s central business district. The complex enjoys superb transport links, close proximity to excellent retail and leisure, and provides the fund with multiple opportunities to add value.'
Achim Tillmann, managing partner, Finch Properties, said: 'It took us a long time to find an off-market investment opportunity of this quality and structure. We are happy to have teamed up with a partner like Tristan, which has the distinct understanding for this kind of asset and a profound knowledge of Cologne’s office market.'
Comprising seven interconnected buildings, the location is within a few minutes’ walk of the major Heumarkt Station hub (subway, tram and bus services), and close to the city’s best retail streets: Hohe Strasse and Schildergasse.
Tristan opportunity funds have made several notable investments in Cologne in recent years, including the acquisition of the DuMont Carré mixed-use scheme in July 2017, and the purchase of the Barthonia Forum, a mixed-use estate in Cologne’s Ehrenfeld district in May 2015.
Tristan and Finch Properties were advised by acht+, JLL, McDermott Will & Emery and PwC.