The EPISO 3 opportunity fund advised by Tristan Capital Partners has acquired two office buildings in Berlin for an undisclosed amount. The seller was represented by Everest Capital in Frankfurt and the disposal was administered on behalf of Cornerstone Titan Europe’s commercial mortgage backed securities (CMBS).
European Property Investors Special Opportunities 3 purchased Jannowitz Center, a 32,750 sqm office building in Berlin-Mitte and and Die Welle, a 14,900 sqm office building in Berlin Lichtenberg, a district east of the city centre.
Jannowitz Center was constructed in 1997 and is located on the bank of the River Spree opposite the Chinese Embassy in the prime Berlin-Mitte district. The largest tenant is Federal State of Berlin’s planning department.
Die Welle was built in 1995 in the residential district of Berlin-Lichtenberg and is almost completely vacant following the expiry of a lease with the national railway company, Deutsche Bahn. Its 14,900 sqm of space is arranged into four sections, giving considerable flexibility in its future use.
Tristan Capital attracted more than €170m of investment from institutions in the initial closing held in December of EPISO 3’s fund-raising. It is targeting €750m to deploy on value add investments and distress opportunities arising from the shortage of debt and equity capital.
EPISO 3 and Tristan have selected Pamera Asset Management as asset manager for both properties.
