A joint venture, newly founded by DW Real Estate GmbH, Rockspire GmbH and Sonar Real Estate GmbH, has been mandated by Tristan Capital Partners (Tristan) to manage the Summit portfolio. The companies involved had already worked together with the “EPISO 5” fund, which was advised by Tristan, during the due diligence and the purchase of the total of 69 commercial properties, and were involved as co-investors.
The diversified portfolio, which is spread throughout Germany, comprises a total lettable area of around 631,000 square metres. Around 60% of this is office space, with 30% of warehouse and industrial usage. The remaining 10% is made up of retail centres and mixed-use properties.
The properties are located in attractive locations in and around Germany’s top seven cities, as well as in ‘B’ locations or submarkets featuring low vacancy rates and stable demand from highly liquid German and international investors.
The properties, which have a diversified and robust use profile, are let to over 300 tenants from commercially stable sectors. The portfolio provides significant value-add opportunities, including the potential to develop residential, office and industrial properties in markets where Tristan Capital Partners and the three partners already have a successful track record.
Christoph Wittkop from Sonar Real Estate commented on behalf of the joint venture, “This was a rare opportunity to acquire a diverse mixture of attractive assets in the main regions in Germany which require local asset management. Given the number of assets the idea of setting up an asset management joint venture of experienced local partner to advise the Tristan opportunity fund was born already during acquisition and due diligence phase. The joint venture of DW, Rockspire and Sonar will take over the asset management and sales activities with their local teams. We are looking forward to the implementation of the business plan, and to the well-rehearsed cooperation with the Tristan team, especially with newest addition Oliver Kunze, who will be responsible for this portfolio.”
