Tristan sells Vienna retail park to German institutional fund
A new institutional real estate fund launched on behalf of Germany’s largest pension fund Bayerische Versorgungskammer (BVK) has acquired FMZ Stadlau retail park in Vienna from a core plus Fund advised by Tristan Capital Partners for circa EUR39 million.
Tristan’s Curzon Capital Partners III (CCP III) sold the park to the new Fund which aims to primarily invest in Austrian retail parks in established locations with solid fundamentals. It is managed for BVK on the Luxembourg AIF platform of Universal-Investment.
Spanning 26,000 sq m, FMZ Stadlau is located in one of the strongest retail areas in the north of Vienna. It is home to international retailers including the likes of Betten Reiter, Media Markt and Merkur, providing a complementary mix of sports, fashion, technology and lifestyle retail. The park is also adjacent to IKEA and Obi.
Jean-Philippe Blangy, Managing Director, Head of Asset Management at Tristan Capital Partners, says: “Tristan has established FMZ Stadlau as a premier retail destination. By securing longer leases with institutional quality tenants, improving the infrastructure and capitalising on the strategic location with its excellent transport links, we successfully implemented our strategy by repositioning the multi-let property into a long-term core investment product with a WALT of over nine years.”
Norman Fackelmann, Head of Real Estate Investment Management at BVK, says: “We are very pleased with the second investment of our separately managed account, Retail Parks Austria, advised by BLUE Asset Management. Austria stands out as an interesting investment market for this subsector. We especially like the defensive nature of food-anchored retail.”
CCPIII acquired FMZ Stadlau in September 2012. The transaction marks the second acquisition by BVK from a Tristan Fund.
Tristan was advised by the Austrian teams of Taylor Wessing and PWC. Universal-Investment was advised by EY, CHSH, NRF and JLL.