EPI, a fund co-advised by pan-European real estate investment managers Tristan Capital Partners and AEW Europe, has sold the flagship Karstadt department store in the premier Zeil shopping area of Frankfurt, Germany, for 115 million.
Ric Lewis, CEO of Tristan Capital Partners and Portfolio Manager for the fund said: "There is strong investor interest in core German real estate assets, as the market is a relative safe haven against the background of the Eurozone crisis. We felt it was therefore an opportune time to realise the value of our investment in the Karstadt store for investors in the EPI Fund."
The 44,412 m² retail asset is one of the 10 largest department stores in Germany and was sold to a German housing company. EPI acquired the Frankfurt store in 2006, together with the Alsterhaus in Hamburg, which is also operated by Karstadt, and was sold by the fund in 2008.
Tristan and AEW Europe's local partner in the sale was PBG in Frankfurt and the sales agent Jones Lang LaSalle.
Source: Bellier Financial