Tristan completes sale of Luxembourg Office Building to Maple Knoll Capital
Source: Tristan Capital Partners Press Release
A core plus Fund advised by Tristan Capital Partners has completed the successful disposition of The E-Building, a fully occupied office building in Munsbach, Luxembourg to the London-based real estate investor, Maple Knoll Capital.
The E-Building was sold by Tristan’s Curzon Capital Partners IV (CCP IV) Fund and Rynda Property Investors. Rynda were asset managers and co-invested alongside Tristan.
Comprising 10,266 sqm in three wings shaped in an ‘E’, the office building is located in the Syrdall office park within the district of Munsbach. The E-Building is home to nine tenants in the software, office solutions and financial services sectors. Major names include Adepa, Bayern Invest, ImmoGestion and SunGard.
The E-Building is regarded as the gateway office building serving Germany, due to its strategic location towards the eastern periphery of Luxembourg City, yet within fifteen minutes’ drive-time of the border. The building is strategically situated next to the main motorway connecting Luxembourg with Germany, France and Belgium. It is also just five minutes from Luxembourg International Airport and the Kirchberg business district.
Jean-Philippe Blangy, Managing Director, Head of Asset Management at Tristan Capital Partners, said: “The disposition of the E-Building was executed in line with our business plan as a result of our lease-up strategy, which took the asset from 75% occupancy at acquisition through to 100% occupancy today, with an excellent WALT.”
Ian Dyke, Principal at Maple Knoll Capital commented “We are delighted to have acquired the E‑Building and added another high-quality property to the portfolio of European assets owned and managed by Maple Knoll Capital. We believe that the strategic location, building quality, and strong tenant mix of the E-Building provides a compelling investment rationale and we look forward to developing a positive relationship with our existing tenants and the wider Munsbach community.”
CCP IV acquired the E Building in December 2015.
Tristan was advised by BNP Paribas Real Estate and Allen & Overy. Maple Knoll Capital was advised by Ogier, PWC, Drees & Sommer and Qualix.