Curzon Capital Partners IV (CCP IV), the “Core+” style investment fund advised by pan-European real estate investment manager Tristan Capital Partners, has expanded its portfolio of retail assets with the acquisition of the City Carrée Salzgitter, in Germany’s Lower Saxony region for a total consideration of c. €29m. The property was sold by a fund managed by Aviva Investors.
Ali Otmar, Senior Partner at Tristan Capital Partners, said: “City Carée is Salzgitter’s dominant shopping scheme, centrally located adjacent to the main pedestrianized area. The property has a strong, defensively positioned retail offering and is an extension of the convenience-led retail theme across Tristan’s core plus funds.”
The L-shaped centre was constructed and opened in 2008 and comprises c. 17,000 m² of retail space and c. 600 parking spots. It is anchored by Kaufland and Media Markt and currently let to 23 national and international retailers.
Kintyre, the asset manager who has worked as a joint venture operating partner on two successful past investments in Germany by Tristan Capital-advised funds, will manage the property and also has a minority interest in the investment.
Greenberg Traurig acted a legal counsel for CCP IV while PWC advised on tax matters and Gleeds on technical issues. JLL acted as advisor to the vendor while Linklaters acted as legal counsel.
