Pan-European real estate investment manager Tristan Capital Partners, through its EPISO 3 opportunity fund, sold Kölnisch Quartier in Cologne, Germany, for about €220 million in several separate transactions.
The majority of the property, formerly known as Barthonia Forum, which features 124 residential units and more than 50,000 square meters of leasable retail and office space, was sold to the BLUE Asset Management-advised East Guardian Asset Management AG.
East Guardian Asset Management AgThe estate was the former production site of German fragrance brand 4711 Eau de Cologne.
The Kaufland Dienstleistung GmbH & Co. KG-anchored property secured a new lease with the German hypermarket chain. The fund refurbished the property's original retail component after securing the lease, allowing it to bring in additional international convenience retailers on long leases at the remainder of the site. About 60% of the property's office space will be occupied by existing and new tenants, including a German private university which will take up a 3,600-square-meter space in the ground floor and basement.
East Guardian and Blue Asset received due diligence advice from Arnecke Sibeth Dabelstein and Stock Aders Klein + Partner, while Tristan was advised by HFK and PwC.