Pan-European real estate investment manager Tristan Capital Partners has successfully sold a residential property in Berlin-Kreuzberg. The site at Engeldamm 12–24 is being acquired by BauMont Real Estate Capital for a transaction volume of EUR 37 million. International law firm Clifford Chance advised Tristan Capital Partners on the structuring and sales process.
The property in a central Berlin location comprises three existing residential buildings as well as adjacent, previously undeveloped plots. Alongside the existing rental space, the site offers substantial densification potential. Previously published plans for the plot show development potential for 122 additional residential units, allowing the location to be significantly expanded.
Portfolio streamlining for value-add fund EPISO 5
The residential complex previously formed part of the portfolio of value-add fund EPISO 5, which is managed by Tristan Capital Partners. The investment manager had secured the property in 2020. That acquisition took place as part of the complete takeover of Berlin real estate company Industrie und Handel Aktiengesellschaft für Vermögensverwaltung.
With the sale to BauMont Real Estate Capital, the pan-European fund is now realising its scheduled exit for the Kreuzberg ensemble. The development potential of the open land thus transfers to the new owner, who can take forward the delivery of the planned residential units.
Key transaction details
- —Property: Residential ensemble and development site at Engeldamm 12–24 in Berlin-Kreuzberg
- —Purchase price: EUR 37 million
- —Existing buildings and development: Three existing buildings alongside densification potential for 122 residential units
- —Parties involved: Tristan Capital Partners (seller / fund EPISO 5) and BauMont Real Estate Capital (buyer)
On the seller's side, the real estate team at Clifford Chance provided legal advice. The mandate for Tristan Capital Partners was led by partner Dr Philipp Stoecker, based in Frankfurt am Main.
