Tristan Capital Partners’ core-plus CCP 5 fund and DW Real Estate have acquired a mixed-use medical and office complex in Dusseldorf in an off-market deal for a total investment of €54m from a closed-end Fund managed by Comes Real. Located in the Grafenberger district of the city, the 19,682m² site was converted into a medical centre in 2008 and is occupied by a mix of doctors’ practices, private clinics, and medical-related tenants. At acquisition, the asset was 68% let. The majority of tenants operate in high-margin medical fields (radiology, oncology, urology and cardiology) and have in-place agreements with the German national health service and with private insurance providers.
Constantin Plenge, Managing Director at Tristan Capital Partners, said: “This complex is a unique proposition given both the general lack of Grade A office supply in Dusseldorf and the extremely limited availability of specialist, well-located medical centres of this size in the market. We aim to acquire further medical centres with core-plus or value-add characteristics. The defensive and resilient mix of tenants across the three buildings makes this an attractive cash flowing asset from day one, with the potential to lease up vacant space and regear leases over the next few years.”