Pan-European real estate investment manager Tristan Capital and its German partner Caleus have sold Berlin's tallest office building, the main tower in the Treptowers complex, to a Japanese institutional investor for 鈧�65 mln.
Pan-European real estate investment manager Tristan Capital and its German partner Caleus have sold Berlin's tallest office building, the main tower in the Treptowers complex, to a Japanese institutional investor for 鈧�65 mln.
The 125-metre high asset, which was owned by Tristan's opportunistic fund Episo, provides around 35,000 m2 of space and is part of a four building office complex on the Martin Hoffmann Strasse beside the River Spree in southeast Berlin.
Built between 1994 and 1998, Treptowers consists of a total of 120,000 m2 in lettable space and involved a development cost of some 鈧�500 mln. Oaktree owns the remaining 85,000 m2 of Treptowers, which is entirely leased to Allianz. The main tower is majority let to a German federal agency.
'Our work in repositioning the property by improving the overall quality of the building and tenant profile, combined with a buoyant market for core office product, allowed us to secure significant outperformance for our clients well ahead of our original business plan,' said Rui Tereso, partner and head of Portfolio and Asset Management of Tristan Capital Partners, Episo鈥檚 lead portfolio manager.
Episo and Caleus bought颅颅 the landmark skyscraper fom a subsidiary of Allianz Real Estate in August 2011 as part of a joint venture with the aim of investing up to 鈧�300 mln in Berlin assets.
Jones Lang LaSalle European Capital Markets advised Tristan on the sell side of the transaction.
