Tristan fund acquires office tower in Essen, Germany

Tristan Capital Partners' core-plus CCP 5 LL fund and Silverton Asset Solutions have acquired a landmark office tower in Essen, Germany, from local developer KÖLBL KRUSE GmbH.

Located in the central business district of the city, the 23,542-square-meter (253,404-square-foot) listed site is fully occupied by a blue-chip renewable energy company. Originally built in the 1960s, the 21-story high-rise is a landmark building in Essen.

Constantin Plenge, managing director at Tristan Capital Partners, said, “This transaction represents a unique opportunity to acquire a landmark office building below replacement costs, in a strong office market with a falling vacancy rate driven by blue-chip occupiers. We aim to fully unlock the ESG potential of this asset, in line with our ‘Manage to ESG’ strategy, to meet the demands of increasingly discerning German occupiers.”

Sebastian Steinert, Regional Head NRW at Silverton Asset Solutions, said, “This transaction once