Tristan's long-life fund kicks off in Germany with Bonn office buy

European investment manager Tristan Capital Partners' CCP 5 ‘long-life’ core-plus fund has made its first investment in Germany with the acquisition of an office complex in Bonn occupied by Deutsche Telekom for around €35 million in an off-market deal. The seller was a fund managed by Art Invest Real Estate.

Ali Otmar, senior partner at Tristan Capital, said: “The fund was able to acquire the office complex on attractive terms without having to go through the structured auction processes that typically drive sales of this kind of an asset in Germany, due to Tristan’s extensive network of local contacts on the ground. The knowledge and experience of our German joint venture operating partner, Silver Cloud Invest, also played an important role in the transaction and they will be making a co-investment in the deal alongside CCP 5.”

Deutsche Telekom entirely occupies the 18,658 sqm office complex in the Bundesviertel area of Bonn. The city has a buoyant office market with a vacancy rate of just 2.7% and a limited pipeline of new supply.

Tristan was advised on the transaction by e_con realestate, Greenberg Traurig and CBRE PREUSS VALTEQ, while Art-Invest Real Estate was advised by Taylor Wessing.