CCPIII, a fund advised by pan-European real estate investment manager, Tristan Capital Partners, has acquired a shopping center in the German town of Witten in North Rhine-Westphalia from CONCEPTA Projektentwicklung and Westdeutsche ImmobillienBank.
Ali Otmar of Tristan Capital Partners said: “Shopping centers in Germany that hold dominant positions in their local neighborhoods are in strong demand on the European retail real estate investment market, particularly when they offer good opportunities to add value through active asset management -- as is the case with Witten. This acquisition falls exactly into the core plus risk/return investment strategy of Tristan’s Curzon Capital Partners III fund.” The shopping center, with a total rental area of 17,866 m², lies in a pedestrianized zone between railway, tram and bus stations in the town center of Witten, which borders the municipalities of Bochum and Dortmund.
The property is a new and architecturally attractive two-storey building designed by the renowned architects Chapman Taylor. Its tenant base is a diverse roster of national and local brands weighted mainly towards fashion and electronics retailers, including H&M, C&A, Saturn, Deichmann and dm drugstore. Kintyre Investments, based in Frankfurt, has been selected as the local operating partner responsible for the operational asset management of the center as well as tenant relationships. Kintyre Investments will also act as a minority co-investor. In addition, CONCEPTA will keep a minority stake and be involved in supporting certain asset management initiatives.
Source: Bellier Financial