EPISO 4, an opportunistic fund advised by pan-European real estate investment manager Tristan Capital Partners, has completed the transaction for the 14,336m² Werfthaus office building in the Westhafen sub-market of Frankfurt with Hines Pan-European Core Fund for €114m. Longstanding local partner Barings Real Estate acted as the asset manager.
Fabian Meinsen, Executive Director at Tristan Capital Partners, said: “When EPISO 4 acquired the Werfthaus office in late 2018 we saw an opportunity to create Grade A space in a well-located building, which was due to be vacated by AIG the following year. With low vacancy rates and moderate rental levels across Frankfurt, we were able to quickly secure price comparison website Check24 as the main tenant in a transaction that marked Frankfurt’s largest letting in Q3 2019. Having successfully delivered a stabilised, core institutional asset, we took the opportunity to sell ahead of the business plan.”
Christoph Wittkop, Managing Director and Country Head at Barings, said: “We are pleased to be part of another successful turnaround case together with one of Tristan ?s funds. Our leasing and asset management team was fully focused on repositioning and leasing this attractive building facing the river Main.”
