Tristan’s Long-Life Fund acquires office building in Dusseldorf Nord
Tristan’s Curzon Capital Partners 5 Long-Life Fund (CCP 5 LL) has acquired the 34,116 sq m Parseval Square office building located in Dusseldorf Nord, the western German city’s largest office submarket, from Floreat Group.
Terms of the transaction are not being disclosed.
Located at Parsevalstrasse 7-9 in Dusseldorf North, just over 1km from Dusseldorf Airport, Parseval Square comprises 26,675 sq m of office space, 6,149 sq m of storage space and a canteen of 1,292 sq m located on the ground floor. There are two floors of underground parking with a total of 549 spaces, plus an outdoor carpark with an additional 59 parking spaces.
Developed in the early 1990s, Parseval Square has benefitted from large-scale improvement and modernisation works over the past two years, creating good-quality office space with newly refurbished foyers and common areas offered to perspective tenants at a competitive price point. The six-storey asset is currently around 71 per cent let, with 13 renowned office tenants including Datagroup, Bonava Deutschland GmbH and Rheinischer Sparkassenverband.
The property is currently managed by Barings Real Estate, who will continue to act as asset manager in partnership with Tristan.
Ali Otmar, Senior Partner at Tristan Capital Partners, says: “This is the second investment CCP 5 has made in Germany, which continues to be a core market for us. Germany continues to outperform its Eurozone peers, with submarkets such as Dusseldorf proving increasingly attractive to an international investor base. We are seeing pockets of value in the office market in particular, where there is a large amount of ageing stock and substantial demand for high-quality space. Our aim is to capitalise on this by working closely with Barings, drawing on their relationships with existing tenants, their knowledge of the asset and the Dusseldorf market, to lease up the remaining vacancy at Parseval Square.”