BERLIN—European fund manager Tristan Capital Partners, on behalf of its CCP III Fund, has spent around $40 million (€29M) to acquired the 13-story city hall of Berlin’s central Mitte district. According to news outlet European Real Estate, Tristan worked with its Berlin-based partner Caleus Capital Investors, on the deal.
The seller was a closed-end retail investor real estate fund, the website said.
“This is a single tenant prime office building within walking distance of Berlin’s Alexanderplatz central transport, retail and business hub,” said Ali Otmar, managing director of Tristan Capital Partners. “There are very few properties in the Mitte district than can provide 20,000 square meters of contiguous office space suitable for local government occupation. Berlin, with its favorable supply/demand dynamics for well-located office properties, remains one of the more attractive investment locations we want to focus in Germany.”
This is the third office property Tristan-managed funds acquired in Berlin in the last 12 months, Otmar added.
The building is used as Berlin Mitte’s administrative offices, and a portion of it houses the district’s council chamber. Tristan’s CCP III Fund completed a final capital raising close in February 2012 when it raised $580 million (€420M)
Berwin Leighton Paisner advised Tristan and Caleus.
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