Tristan Fund and Kintyre sell German Walle-Center shopping centre (DE)

shopping centre
A fund advised by pan-European real estate investment manager Tristan Capital Partners has sold a neighbourhood shopping centre in Bremen, Germany’s 10th largest city, to Deka Immobilien. The nominal sale price is not being disclosed.

 
European Property Investors Special Opportunities 3 (EPISO 3) acquired the 24,000m². property on the main shopping street of Walle, a residential district on the edge of central Bremen, in late 2013 as its second investment. With operating partner and minority co-investor Kintyre Investments, the Tristan fund completed a refurbishment of Walle-Center last year, reconfiguring the space into larger retail units. Kintyre acting as asset manager successfully leased more than 14,000m² of space in the centre, thus extending the average lease term of the tenancies and reducing vacancies.

 
Karol Bartos, Executive Director at Tristan Capital Partners, said: “Since acquiring this property opportunistically from a fund in liquidation we have successfully repositioned it. Well-established shopping centres in Germany in good catchment areas, with long-term tenants are currently in great demand from institutional investors. This has lifted pricing for assets of this kind, allowing us to create excellent value for our investors.”
 

Built in 1999, the four-storey property comprises 30 retail units and its anchor tenant is supermarket chain EDEKA. Other occupiers include national retailers with a convenience shopping focus, such as Aldi, Rossmann, Deichmann, Woolworth and a McDonald’s fast food restaurant. The upper floors to the property accommodate a fitness centre, medical practices and the local police station. Walle-Center also provides parking for 700 vehicles in its basement. 
 

The sale of Walle-Center is the fourth disposition to date by the EPISO 3 fund, which raised a total of €950 million in equity by its final close in January 2014 and deployed the capital in 31 investments.

 
Advising EPISO 3 on the sale of the neighbourhood shopping centre were JLL and Greenberg  Traurig.

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