Tristan Capital Partners has announced the acquisition of Neustadt Centrum Halle shopping in the German state of Saxony-Anhalt for EUR 31 mln.
Tristan Capital Partners has announced the acquisition of Neustadt Centrum Halle shopping in the German state of Saxony-Anhalt for EUR 31 mln.
The fund manager said this was one of the first significant international retail property deals done in the eastern region of Germany, outside Berlin, in the last few years.
The purchase of the centre in Halle was carried out by Curzon Capital Partners III (CCPIII), a fund which is advised by Tristan.
The 37,000 m2 shopping centre was sold as a distressed asset by APN Property Group, an Australian listed real estate trust, which is pulling out of Europe.
Cameron Spry, head of Investments at Tristan Capital Partners, said: 'Germany is firmly in the sights of most pan-European property investors, but few are yet venturing into the country's secondary markets. We think there is real value to be found by taking the first mover initiative and through active asset management'.
Pamera Asset Management has been selected to act as the local operating partner and will co-invest in the transaction. CBRE acted for the seller.
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