Tristan Capital has acquired two office buildings in Berlin on behalf of the EPISO 3 opportunity fund.
The two are the 32,750 m2 Jannowitz Centre, located in Berlin-Mitte, and the 32,750 m2 Die Welle building in Berlin-Lichtenberg.
The Jannowitz Centre was built in 1997 and its major tenant is the Federal State of Berlin’s planning department.
The Die Welle building was completed in 1995 and has been vacant since Deutsche Bahn moved its headquarter to the Berlin-Mitte located Nordbahnhof-Carré building in July 2011. Tristan Capital may convert the building into residential flats or sell the property on.
“This is the second investment for EPISO 3 and we see great potential in creating value in line with the strategy of delivering attractive returns. Through active asset management we aim to capture the uplift in rents driven by the shortage of supply in the city’s office market and Berlin’s buoyant growth story,” said Tristan Capital’s managing director, Ali Otmar.
Frankfurt’s Everest Capital advised the seller. The sale was administered by Cornerstone Titan Europe’s commercial mortgage backed securities.
