CCPIII, a fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired a shopping centre in the German town of Witten in North Rhine-Westphalia from CONCEPTA Projektentwicklung and Westdeutsche ImmobillienBank.
Ali Otmar of Tristan Capital Partners says: “Shopping centres in Germany that hold dominant positions in their local neighbourhoods are in strong demand on the European retail real estate investment market, particularly when they offer good opportunities to add value through active asset management -- as is the case with Witten. This acquisition falls exactly into the core plus risk/return investment strategy of Tristan’s Curzon Capital Partners III fund.”
The shopping centre, with a total rental area of 17,866 square metres, lies in a pedestrianised zone between railway, tram and bus stations in the town centre of Witten, which borders the municipalities of Bochum and Dortmund. The property is a new and architecturally attractive two-storey building designed by the renowned architects Chapman Taylor. Its tenant base is a diverse roster of national and local brands weighted mainly towards fashion and electronics retailers, including H&M, C&A, Saturn, Deichmann and dm drugstore.
Kintyre Investments, based in Frankfurt, has been selected as the local operating partner responsible for the operational asset management of the centre as well as tenant relationships. Kintyre Investments will also act as a minority co-investor. In addition, CONCEPTA will keep a minority stake and be involved in supporting certain asset management initiatives.