Tristan Capital Partners has bought the first asset for its 鈥榣ong-life鈥�, core-plus real estate fund.
The investment manager鈥檚 CCP 5 fund has paid 鈧�103m for a business park near Madrid.
Tristan earlier this year, its first fund not to a have a finite life.
The property, in Manoteras, was sold by an affiliate of Lone Star Funds.
Nikolay Velev, director of investments at Tristan Capital Partners, said: 鈥淭he first investment for the CCP 5 fund is a milestone for Tristan in Spain.
鈥淚t allows the core-plus fund to enter the dynamic office market of Madrid, which has a significant supply-demand imbalance following six years of record low completions.鈥�
The 38,200 sqm park includes 995 parking spaces.
The Tristan fund is partnering with Aguirre Newman subsidiary, Zaphir Asset Management, which is co-investing in the transaction.
