DUSSELDORF, GERMANY-London-based Tristan Capital Partners, through its fund Curzon Capital Partners III, recently bought a mixed-use complex here in the Pempelfort district of the city for $48 million. Pamera Real Estate Group, based in Frankfurt, was a partner in the purchase.

The property is comprised of a 125,000-square-foot retail center anchored by Edeka and Aldi supermarkets. The site also includes two floors of underground parking below and more than 280 multifamily units above.  

Gunther Deutsch, a partner at Pamera, said in a statement that the venture sees great potential in the Pempelfort district. He said the plan is to implement substantial improvements to the property, though he was not specific about the changes or their cost.

Ric Lewis, CEO of Tristan, said in the statement that the recent purchase is a good addition to the future portfolio, and the fund will continue to seek additional investment opportunities that will benefit from the recovery in German markets. “We think this is an opportunity to reposition the property over the long term, (as it ) has suffered from a historic lack of investment,” he said.

This is the first transaction for the Curzon fund since the fund’s capital raising in June. Tristan announced in June that it had raised $85 million from three investors, and combined with a $284 million credit facility will raise about $700 million for the fund by September to focus on core-plus investments in the United Kingdom and throughout Europe.