Tristan Capital Partners has acquired a portfolio of five good-quality office buildings in Germany for €63 million from Hamburg-based Union Investment together with its local operating partner Silverton Asset Solutions.
Located in established office sub-markets of prime German cities, the portfolio comprises 35,750 sqm of office space.
The office portfolio was acquired in an off-market deal together with Silverton Asset Solutions who will act as operating partner.
The buildings are located in Munich (2 assets), Frankfurt, Dusseldorf and Hildesheim. Together the Munich and Frankfurt assets account for the bulk – or 80% – of total rental income. All five of the assets have flexible floor plans with a diversified tenant mix.
“This transaction represents a rare opportunity to get exposure to office properties in strong office sub-markets at an attractive net entry price. We see good opportunities to boost the occupancy levels of these buildings given the supply constraints in the markets where they are located,” said Constantin Plenge, Executive Director at Tristan Capital Partners.
“We are very pleased to have assisted Tristan in this transaction, which highlights our continued success in finding off-market opportunities. Furthermore, we are very confident that we can add value to the properties due to our strong local teams in Munich, Frankfurt and Essen.” said Ale Alexander Zahrt, Director of Transactions at Silverton Asset Solutions.