The CCP 5 ‘long-life’ core-plus fund, advised by pan-European real estate investment manager Tristan Capital Partners, has made its first investment in Germany with the acquisition of an office complex in the German city of Bonn occupied by Deutsche Telekom for around €35m in an off-market deal. The seller was a fund managed by Art-Invest Real Estate.
Ali Otmar, Senior Partner and Deputy Head of Investments at Tristan Capital, said: “The fund was able to acquire the office complex on attractive terms without having to go through the structured auction processes that typically drive sales of this kind of an asset in Germany, due to Tristan’s extensive network of local contacts on the ground. The knowledge and experience of our German joint venture operating partner, Silver Cloud Invest, also played an important role in the transaction and they will be making a co-investment in the deal alongside CCP 5.”
Deutsche Telekom entirely occupies the 18,658 m² office complex in the Bundesviertel area of Bonn. The city has a buoyant office market with a vacancy rate of just 2.7% and a limited pipeline of new supply.