Tristan Capital Partners Buys Mega German RE Portfolio

Posted on 06/04/2021

Tristan Capital Partners LLP oversees its EPISO 5 opportunistic fund. EPISO 5 opportunistic fund is buying 100% of the non-listed portfolio controlled by Summit Real Estate Holdings Ltd, and 77% of the listed GxP German Properties AG platform, in a proprietary bilateral transaction for €1 billion. The total commercial platform comprises 69 assets, located across key markets in Germany.

The massive portfolio is made up of a total of 630,812 square meters, of which around 60% is knowledge office space, 30% is warehouse/industrial space and the remainder is made up of retail parks and mixed-use assets. The portfolio will be co-managed by a team of local operating partners, including DWRE, Rockspire, and Sonar.

Following the acquisition of the Summit assets, EPISO 5 is considering making a voluntary public offer to acquire all the remaining shares outstanding in GxP German Properties AG at a cash consideration of €5 per share to provide the existing shareholders with liquidity before a potential de-listing. Berlin-based GxP German Properties focuses on investments in commercial real estate in Germany’s metropolitan regions and selected B cities, and acquires real estate with intrinsic value potential.

Law firm Clifford Chance has advised EPISO 5 opportunistic fund on the transaction. Other advisors for EPISO 5 on the deal include BNP, PwC, Rothschild & Co, CBRE VALTEQ, and Eastdil Secured.

Clifford Chance has advised Tristan on several recent major transactions in the German real estate market, for example on the acquisition of the Selection Real Estate portfolio with seven office properties in in Munich, Berlin, Hamburg, Düsseldorf, Frankfurt, and Cologne in September 2020.

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