Curzon Capital Partners III (CCP III), a core-plus fund advised by real estate investment manager Tristan Capital Partners, has acquired a retail and residential complex together with local joint venture partner PAMERA Real Estate Group.
The building complex is situated in the center of Düsseldorf, Germany, and was acquired for approximately 34 million (through the Fund's subsidiary CCP III DK Germany Sarl.)
Ric Lewis, CEO of Tristan Capital and Senior Portfolio Manager of CCP III said: "We think this is an opportunity to reposition a property over the long term that has suffered from a historic lack of investment. This is a solid addition to the CCP III fund portfolio and we will continue to seek additional investment opportunities that will benefit from the recovery in German markets."
The property is comprised of three parts: an 11,600-m² retail center anchored by Edeka and Aldi supermarkets; two floors of underground parking; and over 280 residential units.
Gunther Deutsch, Partner of PAMERA Real Estate Group, and Tristan's joint venture local operating partner for this investment, added: "As specialists for revitalization and repositioning of properties in Germany we see great potential for the Dieterich Karree and Düsseldorf's urban district 'Pempelfort'.
"Our plan is to implement substantial improvements to the retail and residential aspects of the property."
This is a first transaction for CCP III after Tristan announced a first close for the fund's capital raising in June, to commit to several investment transactions for which the manager had secured exclusivity.
Source: Bellier Financial