Tristan Capital raise tops €300 million at second close of European Core Plus real estate fund (EU)
Thursday 13 October 2011
Pan-European real estate investment manager Tristan Capital Partners has completed a second capital close for its Curzon Capital Partners III LP Fund (CCPIII), raising over €300 million in the space of seven months since the fund’s launch.
Tristan Capital CEO, Ric Lewis said: “Tristan is clearly benefitting from first mover advantage with our new core plus value-added strategy fund, which is attracting institutional capital from across continental Europe and the US.
“We believe that the strong pipeline of deals already in place for CCPIII has reconfirmed investors’ confidence in the investment thesis behind this that underpins this Fund and confidence in our team’s ability to thoughtfully execute the strategy.
“I’m optimistic that we will prudently deploy a significant amount of capital early in the Fund’s life and we have already started to do so.”
Seven new institutional investors from Germany, France, the Netherlands and Finland, invested in CCPIII at the second close, joining four earlier participants from Germany, Finland and the UK. The Fund has a target capital raise of €500 million and at present has several investors in due diligence for a subsequent closing in late November.
CCPIII has completed several other major investments in the last few months including the £23-million purchase of a new office block in Glasgow, Scotland, the €34-million acquisition of a retail and residential complex in Düsseldorf, Germany, a €38-million acquisition of a high-street retail shopping center in the UK, and the provision of €100 million in funding for a pan-European logistics developer.
Tristan Capital Head of Investments, Cameron Spry said: “Tristan’s ability to make quick and thoughtful investment decisions and deploy capital rapidly means we have been able to secure some highly attractive assets for this point in the market cycle.”