Tristan Capital Fund sells six office properties for €70 mln (DE)

Tristan Capital Partners has advised on the sale of six office properties in Germany at a total volume of approx. €70 mln. The six commercial assets owned in a fund advised by Tristan include an office building in Berlin, two in Bochum, two in Hamburg, and one in Tübingen. Leading international real estate advisor Savills acted on behalf of the vendor in the six transactions on the basis of exclusive sales instructions. Ares Management, a leading US investment firm, has bought the office property „Charlotten-Carrée”, Charlottenstraße 13 in Berlin-Mitte and the office/high-street building Friesenstraße 1-3 in Hamburg-City South. “Charlotten-Carrée” occupies the prominent corner position Charlottenstraße 13/Rudi-Dutschke-Straße 18 in central location of the historical media district between Potsdamer Platz and Gendarmenmarkt. The office complex comprises a total lettable area of circa 11,300 m² spread over six floors. It was constructed in 1930 and thoroughly redeveloped in 2001 with the historic building structure preserved and parts newly constructed. The occupancy rate of the property is almost 100%. The modern office and high-street building Friesenstraße 1-3, likewise purchased by Ares Management, is a striking corner building in central location of the prosperous office and administration district City. It provides a total area of approx. 10,240 m² spread over seven floors (approx. 9,400 m² office, approx. 260 m² retail and approx. 580 m² storage). Markus Gerold Group took over two properties in the so-called Technologie-Quartier in Bochum. One of the properties is the almost fully occupied commercial building Lennershofstraße 160-162 which comprises a total lettable area of approx. 2,400 m² and is located close to both Ruhr University Bochum and technology centre Ruhr. The second property is a modern building complex located Konrad-Zuse-Straße 10-16 which provides approx. 4,700 m² offices on three floors and an occupancy rate of circa 70%. Both objects were sold jointly with Schulz + Company GmbH.
A private investor purchased the mixed-use property Kollaustraße 67-69 in Hamburg-Lokstedt, advised by laren consulting real estate GmbH. Anchor tenant of the corner building facing the high-traffic arterial road is the Hamburg University Hospital (UKE). The ground floor of the building accommodates a retail unit.
Also the office and training centre of public healthcare companies at Bismarckstraße 92/96 in central location of Tübingen has a new owner. Tübingen B92 GmbH purchased the two detached office buildings which are fully let from a fund Tristan Capital Partners advised on. Bismarckstraße 92 was constructed in 1947 and thoroughly refurbished in 1995 while Bismarckstraße 96 dates from 1980. Both properties have flexible floor plates and are suitable for multi-tenant use.
"In H1 2015 the transaction volume for German offices totalled €23.8 bln. Particularly large commercial portfolios are currently dominating market activity – the transaction volume of commercial portfolios have summed up to €9 bln in the first half year of 2015. However, single asset deals within portfolios attract strong demand as well which is underpinned by the six transactions on which Savills advised successfully”, says Andreas Wende, COO and Head of Investment at Savills Germany
Source: Tristan Capital