Tristan/AEW Europe Fund Sells Frankfurt Karstadt Store
EPI, a fund co-advised by Tristan Capital Partners and AEW Europe, has sold the flagship Karstadt department store in Frankfurt for €115 million. A Germany-based housing company was the buyer. The 44,412-square-metre retail property is one of the 10 largest department store properties in Germany.
“There is strong investor interest in core German real estate assets, as the market is a relative safe haven against the background of the euro zone crisis,” says Ric Lewis, CEO of Tristan Capital Partners and portfolio manager for the fund. “We felt it was therefore an opportune time to realise the value of our investment in the Karstadt store for investors in the EPI fund.”
EPI bought the flagship Karstadt store in 2006.