CCP IV, a core-plus fund advised by pan-European real estate investment manager Tristan Capital Partners, has sold its interest in an office complex consisting of four buildings in the heart of Berlin Mitte's office district, for around €95 million ($109 million).
The interest in the office complex was primarily acquired by Caleus Capital Partners GmbH & Co. KG, the investment management platform of the Caleus Group. Caleus acted as Tristan’s original co-investor and local asset management partner when the building was acquired in December 2015.
The office complex is located in the Schützenstrasse district of the capital. Dating back to 1998, each building’s façade was designed by renowned architect Aldo Rossi and was one of his last projects. Today, the complex is comprised of 18,000 (194,000 square feet) of office and retail space.
Ali Otmar, Senior Partner and Deputy Head of Investments at Tristan, said: “Germany remains a strategically important market for us and Berlin’s importance continues to grow internationally, with large global institutions waking up to the city’s unique supply and demand imbalance. As we expect this strong momentum to continue in markets outside of the gateway cities, we are concentrating on good office properties with upside potential in large mid-sized cities such as Berlin, Munich, Frankfurt and Hamburg.”
