Tristan Long-Life Fund completes largest office letting to date in Germany
The CCP 5 ‘long-life’ core-plus fund, advised by pan-European real estate investment manager Tristan Capital Partners and Cologne-based joint venture operating partner SILVER CLOUD Invest, has completed the letting of a large office complex in Bonn, Germany. The deal is the largest single office letting for CCP 5 in Germany to date.
The 18,623 sq m site in the Bundesviertel area of the city has been leased to the Institute for Federal Real Estate (BImA), the German government’s property arm, which is acting on behalf of two government ministries. The tenant offers a strong covenant and a long, nine-year lease. As part of the letting a cEUR14 million investment is planned for the office space.
Fabian Meinsen, Executive Director, Portfolio and Asset Management at Tristan Capital Partners, says: “Securing a tenant of this calibre underlines the resilience of the German office market, reflects the strong occupational demand and limited supply of well-located and efficient office space. Thanks to the Team at SILVER CLOUD Invest for their determination and focus during the process”.
Stephan Festerling, Head of Asset Management at SILVER CLOUD Invest, says: “We are happy to have signed BImA as a top tenant for CCP 5 which underlines the good quality of the property. The re-letting of the building in its entirety in the current environment emphasise the stable situation on the German office market, especially in the federal city of Bonn. We also would like to thank Udelhofen Immobilien and the representatives of BImA who made the negotiation process always constructive and pleasant.”
CCP 5 acquired the complex, which was previously occupied by Deutsche Telekom AG, in late 2017.