Tristan Capital Partners has completed a second closing for its opportunistic real estate fund EPISO 3.
Tristan CEO Ric Lewis said that the fund, which had already raised half of its target volume of €750m, had gained three additional investors, including major institutions from the US and Germany. The company was also attracting interest from the US and Asia.
Tristan expected to hold a third closing in June or July for investors which were now in an advanced stage of due diligence, added Lewis.
The fund has already made three investments and has a pipeline of further transactions. The majority of the new capital has already been earmarked for exclusive deals.
EPISO 3 is focused on investments in western and central European markets across the office, logistics, retail and residential sectors. The fund aims to generate investment returns of 15% for investors and will have a minimum leverage of 60% loan-to-value.
Lewis added: “In the value-added investment space, we’ve completed 22 investments in the past 18 months. I feel that many of these transactions are among the best deals we’ve completed since the market run-up started the last cycle in 2003-04. The first mover advantage of having already amassed equity and debt capital for value-added investment strategies across Europe has paid off. It has enabled us to secure several transactions which provide our clients with durable current income, and imbedded value that we have been able in many instances to unlock from day one without sacrificing upside value potential.”
