HSH Nordbank provides finance to buy Karstadt store in Munich

Banking, Construction, News — By on April 23, 2015 at 10:26 AM
Peter Axmann

Peter Axmann

HAMBURG/KIEL HSH Nordbank will provide a joint venture vehicle owned by the European Property Investors Special Opportunities 3 L.P. (“EPISO 3 Fund”) advised by Tristan Capital Partners LLP of London and Signature Capital with finance totalling EUR 130 million to purchase a retail property. Signature Capital is involved as a minority co-investor and asset manager. The property is located near Munich’s Karlsplatz and all of it is currently leased to Karstadt Waren-haus GmbH.

The building consists of two wings, which are connected on the lower ground floor and from the first floor onwards. There is in excess of 90, 000 sqm of space on six floors, of which Karstadt uses about two thirds for retail leaseable area. The position between Karlsplatz (also known as “Stachus”) and the main train station is regarded as among the best retail locations in the city of Munich. The building also has four display window sides, among others facing the Schützen-strasse pedestrian zone. There is direct access to several stops of the public transport system; furthermore there are just over 500 parking spaces for visitors to the department store.

Tristan Capital Partners is an independent real estate investment manager based in London and is regarded as being among the market leaders in Europe. For more than 15 years, their staff has put on a convincing performance with their experience and excellent judgement. The firm cur-rently advises eight funds with client deposits of about EUR 5 billion. Ali Otmar, Managing Direc-tor of Investments of Tristan Capital, said: “Our collaboration with HSH Nordbank on this deal was once again very professional. Our contacts at the Bank specialise in advising international investors on their investments in Germany and have excellent know-how.”

“With the Tristan Group and Signature Capital, we have seen two well-known, international real estate investment managers joining forces. Both companies have for years now been involved on the German real estate market with great success and command comprehensive expertise in the sector. With the acquisition of this property in a prime Munich retail location with a very high frequency of visitors, they have succeeded in jointly making another appealing investment in Germany, ” said Peter Axmann, Head of the Real Estate Clients division at HSH Nordbank.
Taylor Wessing advised HSH Nordbank on the deal.

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