A report from Tristan CCP III revealed that the company purchased two commercial real estate office buildings in Germany for approximately €90 million (USD $118.5 million).
The purchase includes two office towers in Frankfurt, according to the release. More specifically, the buildings are in the city's Bockenheim district, and were constructed in 1998. They are also located near the Frankfurt West motorway. These buildings have a total leaseable area of 34,844 square meters and are not far from the city's banking and university areas. The properties are equipped with nearly 350 parking spaces.
"The specific history of these assets, linked to the broader developments in German real estate investment legislation and trends in the equity markets, allowed us to acquire them at a very competitive price," said Cameron Spry, head of investments for Tristan Capital.
The buildings were initially supposed to be purchased as a part of a portfolio for a German real estate investment trust, but this did not materialize due to the struggling market, the report added.