Risk focussed value-add real estate specialist with a thematic approach.
Our debt investment strategy targets property lending opportunities on high quality assets, supported by institutional and experienced sponsorship. Debt investments are executed by a dedicated, specialist lending team with experience in real estate credit across multiple strategies and jurisdictions. Since the launch of its credit strategy in 2021, Tristan has completed more than €1bn of lending on a diverse range of asset classes and across western Europe.
Our perpetual core-plus strategy is focused on building a diversified portfolio of mid-market European real estate. The strategy invests in existing assets and uses active leasing and light capex initiatives to create stable core investments. It is designed to deliver durable, consistent returns with a strong income component. Tristan has been investing in core-plus real estate for circa. 25 years and has one of the longest core-plus track records in Europe.
A thematic strategy, with a diversified portfolio of real estate assets in Europe’s largest and most liquid markets. The strategy pursues a mix of single asset and aggregation strategies. With a focus on inefficient and undercapitalised space, the strategy repositions assets through active leasing, capital investment and development initiatives to create value.
Case Study 1
Location: France
Sector: Logistics
Acquisition: 2021
Total Investment: c. €210m
Summary: Tristan’s French logistics and light industrial platform with the objective of reaching a €500m GAV
Case Study 2
Location: UK
Sector: Student Housing
Acquisition: 2021
Number of Assets: 8
Summary: Purpose Built Student Accommodation (PBSA) across eight well‐located assets in London, Edinburgh, Glasgow, Newcastle, Leeds, Exeter and Coventry.
Case Study 3
Location: UK
Sector: Hotel
Acquisition: 2022
Total Investment: c. £450m
Summary: Hotel platform currently containing 1,527 keys across UK and Ireland
Case Study 4
Location: France
Sector: Student Housing
Origination: 2023
Total Investment: c. €75m
Summary: Financing of a prime urban campus comprising student housing and education use in the fifth arrondissement of Paris. The asset is being comprehensively refurbished with the benefit of a 12 year lease from an education provider.
Location: France
Sector: Logistics
Acquisition: 2021
Total Investment: c. €210m
Summary: Tristan’s French logistics and light industrial platform with the objective of reaching a €500m GAV
Location: UK
Sector: Student Housing
Acquisition: 2021
Number of Assets: 8
Summary: Purpose Built Student Accommodation (PBSA) across eight well‐located assets in London, Edinburgh, Glasgow, Newcastle, Leeds, Exeter and Coventry.
Location: UK
Sector: Hotel
Acquisition: 2022
Total Investment: c. £450m
Summary: Hotel platform currently containing 1,527 keys across UK and Ireland
Location: France
Sector: Student Housing
Origination: 2023
Total Investment: c. €75m
Summary: Financing of a prime urban campus comprising student housing and education use in the fifth arrondissement of Paris. The asset is being comprehensively refurbished with the benefit of a 12 year lease from an education provider.
Location: France
Sector: Logistics
Acquisition: 2021
Total Investment: c. €210m
Summary: Tristan’s French logistics and light industrial platform with the objective of reaching a €500m GAV
Location: UK
Sector: Student Housing
Acquisition: 2021
Number of Assets: 8
Summary: Purpose Built Student Accommodation (PBSA) across eight well‐located assets in London, Edinburgh, Glasgow, Newcastle, Leeds, Exeter and Coventry.
Location: UK
Sector: Hotel
Acquisition: 2022
Total Investment: c. £450m
Summary: Hotel platform currently containing 1,527 keys across UK and Ireland
Location: France
Sector: Student Housing
Origination: 2023
Total Investment: c. €75m
Summary: Financing of a prime urban campus comprising student housing and education use in the fifth arrondissement of Paris. The asset is being comprehensively refurbished with the benefit of a 12 year lease from an education provider.
We have three investment strategies – core-plus, opportunistic and debt – each designed to deliver a combination of income and growth for institutional investors. All strategies are diversified across sectors and geographies, with a controlled focus on risk.
Our leadership team and Investment Committee have worked together for two decades, creating value for clients across multiple economic cycles, crises and market shifts.
Tristan’s strategies take an active approach to enhance the value and income-generating potential of real estate assets. Every investment has a plan for value enhancement through development or efficiency measures that will increase its sustainability, income flow and capital value.
Robust risk management practices are integral to the strategy, with capital expenditure planning to allocate resources effectively and rigorous processes to identify and mitigate potential risks.
Using proprietary data, market intelligence and research, Tristan aims to capitalise on market developments and stay ahead of evolving trends. Our research-led approach is fully integrated with our investment and asset management operation.
Our focus is on unearthing investment opportunities with significant upside potential across established and emerging sectors and all major markets. The aim is simple – maximise returns while minimising risk.
Sustainability factors are reshaping real estate investment and creating new opportunities to enhance value. Improving the sustainability credentials of assets is a critical part of our risk management approach.
We embed sustainability analysis in our underwriting and throughout the lifecycle of the assets in our portfolios.
Real estate is inherently cyclical and earning a return on clients’ capital requires an ability to manage through this cycle.
Our research team is dedicated to developing strategic and tactical ideas, allowing the investment teams to respond appropriately as they seek to maximise risk-adjusted returns. Tristan’s proprietary research is specifically designed to allow us to maintain conviction in our decision-making even when confusion and uncertainty prevails as markets move and change.
Simon Martin, our Chief Investment Strategist and Head of Research produces a weekly email which provides insights into the factors shaping the real estate investment sector.
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Tristan is authorised and regulated by the Financial Conduct Authority (the FCA) of the UK and is MiFID compliant.
Tristan is authorised as a Full Scope UK AIFM under the new AIFMD regulations.
Tristan Capital Partners is an affiliate of New York Life Investments.
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Simon brings a 30 year track record of international real estate investment management to Tristan.
Simon has worked with Founder and Executive Chairman/Chief Investment Officer Ric Lewis for over 20 years and helped found Curzon Global Partners in London in 1999.
Simon set up the firm’s strategy function and led the research team as it grew globally (as part of AEW). He continues to focus on developing Tristan’s research-led investment approach.
He works closely with the firm’s investment and asset management teams, and actively participates in the portfolio management process.
He has served on the Investment Committee and has worked on every deal the firm has executed since inception.
Simon also works closely on a day-to-day basis with the client development team to ensure that clients are kept fully apprised of developments in the market and the implications for strategy.
Prior to joining Curzon Global Partners, he headed DTZ’s Fund Management and Investment Strategy Group and worked for CB Hillier Parker’s investment research team.
Simon has also held a series of academic posts working as a Researcher at Cambridge University (Property Research Unit) and at Kingston University (Real Estate Faculty) in London. Simon was latterly the CBRE Professor of Real Estate Finance at the Henley Business School and still lectures occasionally at a number of universities, including at Cass Business School and Saïd Business School.
Olivia is COO and Chief People Officer, responsible for overseeing the operations of the firm, jointly with Jo Rothwell, as well as HR, Marketing and Communications, IT, Facilities and Administration.
She previously held the role of Managing Director of Operations, having joined Tristan originally in 2016 as Head of Marketing and Communications.
Prior to Tristan, Olivia was a Director at CNC Communications & Network Consulting, a strategic consultancy owned by Publicis Groupe.
Olivia previously worked at Man Group plc (Man), an alternative investment manager and started her career at M&G, the UK and European fund management arm of Prudential plc.
Olivia has a BA (Hons) degree in Public Relations from Bournemouth University.
Executive Director
+44 (0)20 3463 8900
Ben is a Senior Partner at Tristan and serves as CCP 5 LL’s Portfolio Manager, responsible for strategy, management and execution of the Fund.
Before assuming this role, Ben led the asset management of both the Core Plus and Opportunistic fund series for Tristan for seven years.
Prior to joining Tristan, Ben was an Executive Director at UBS AG and Head of Global Property Fund (Asia and Europe) within the Global Real Estate division of UBS Global Asset Management. In this role, Ben was responsible for the portfolio management of UK, Continental Europe and Asian real estate portfolios with a value of over $5 billion.
Previously, Ben was a Director at Curzon Global Partners where he was responsible for a European portfolio of circa €1 billion.
Prior to joining Curzon, Ben was a Vice President with Heitman Financial LLC where he was responsible for the asset management of a portfolio of standing and ground-up developments in the Czech Republic and Poland.
Before joining Heitman in 1999, Ben worked for Haslemere Estates (Rodamco UK) where he worked on asset management and acquisition of all property sectors throughout the UK.
Ben is a Member of the Royal Institution of Chartered Surveyors (MRICS) and graduated in BSc (Hons) Real Estate Management from Oxford Brookes.
James is a Managing Director in the Portfolio and Asset Management team at Tristan Capital Partners and has over 20 years’ experience working across various European jurisdictions.
Prior to joining Tristan, James worked for Europa Capital LLP as a Director working on both the pan-European Value-Add Funds and the Europa Emerging Europe Fund. He previously worked for Poseidon Group developing and asset managing retail assets across South East Europe. James started his career at King Sturge in London.
James has gained exposure to a variety of European markets (United Kingdom, Republic of Ireland, Spain, Italy, Bulgaria, Nordics, Romania and a number of other Eastern European markets) across the retail, office, student and logistic sectors.
James is a Member of the Royal Institution of Chartered Surveyors (MRICS) and graduated with a BA (Hons) from Bristol University before completing a Diploma in Surveying from the College of Estate Management in Reading.
His role is focused on Southern Europe (Italy, Portugal, Spain) and French speaking countries (France, Belgium, Switzerland). He is based in Paris.
Yassine was previously a Vice-President in the asset management platform of Oaktree Capital in London.
He graduated from the French business school ESCP Europe.
Beatrice is Executive Director in the Portfolio and Asset Management team. She works on multi-sector opportunistic and core plus investments with a focus on Germany.
Prior to joining Tristan in 2018, Beatrice worked at Tectum in Berlin, focussing on healthcare assets in Germany and at TIAA-CREF/ latterly Nuveen in London, covering investment and asset management in various asset classes across Germany, France, Portugal and the UK.
Beatrice has over 10 years’ experience and is a member of the RICS. She holds a Masters in International Business Administration from the Vienna University of Economics and Business and an MSc in Real Estate from the University of Reading.
Constantin is Managing Director for Investments, Germany, with responsibility for investing across all real estate sectors in Germany on behalf of Tristan’s Funds.
Constantin joined from ARB Investment Partners where he was heading acquisitions and portfolio management of long-term value add and opportunistic investments across various real estate asset classes in Berlin, as well as in other German and European markets with a total AUM of €1 billion.
Prior to joining ARB Investment Partners, Constantin was a Managing Partner with Capricornus Capital Management where he was responsible for the operating partner business with Morgan Stanley and Och-Ziff, which made investments in excess of €400 million.
Constantin graduated in Law from Humboldt University in 2005 and holds a PhD in Law.
+44 (0)20 3976 11490
Thibault is Managing Director for Investments, France, with responsibility for investing across all real estate sectors in France on behalf of Tristan’s Funds.
Thibault joined from Gecina where he was Executive Director, Investments and Developments and in charge of all development operations. Prior to joining Gecina, Thibault worked for TIAA Henderson Real Estate France, Paris, where has was Head of France for a number of years, leading the activities of the French platform of TIAA dedicated to real estate investment and asset management.
Thibault holds an MBA from ESSEC and is a visiting professor at ESSEC MBA (International Property Market).
Kristian is a Managing Director in the Investment Team at Tristan Capital Partners with a significant track record in European real estate investment.
Kristian is Head of Alternatives (Hospitality; PBSA; Senior Living; Regulated Housing). He is also responsible for investments in UK and Ireland. Kristian joined Tristran in 2017 and has been responsible for in excess of €2.3 billion in investments.
Prior to joining Tristan, Kristian spent five years at CPPIB – Real Estate Investment, where he was focused on the acquisition and asset management of real estate across Europe. During his time in CPPIB, he was involved in direct asset acquisitions, platform investments and PIPE deals, successfully completing in excess of €3.0 billion in transactions.
Kristian has also worked with Moor Park Capital Partners in their London investment team. While at Moor Park Capital Partners, he worked on over €450 million in transactions. Prior to Moor Park Capital Partners, he worked with the investment team for the Orco Property Group’s Endurance Fund based in Prague, Czech Republic.
Kristian graduated with a first-class honours degree in Business and Legal Studies from University College Dublin and holds an MSc in Real Estate Investment from Cass Business School. Kristian is an Irish citizen.
Kick is Managing Director in the Investment team at Tristan Capital Partners. His responsibilities include the Dutch market, as well as other key European geographies. Having joined Tristan in 2012, he has been involved in a range of acquisitions across Europe, contributing to all stages of new investments.
Before joining Tristan, Kick previously worked at VSN N.V., Slokker Vastgoed Group and Van Hoogevest Group B.V.
He has a Masters in Real Estate Finance at Cambridge University. Kick also holds a Master’s degree from the University of Amsterdam, a Bachelor degree (BBE) in real estate and has studied history.
Kick is a Dutch citizen and speaks Dutch and English.
Previously, Luc worked for 10 years at Archer Hotel Capital and its successor, Host Hotels & Resorts, as a Director in charge of the asset management of a €2bn luxury hotel portfolio across Europe. Prior to Host Hotels & Europe, Luc led the hotel operations for a portfolio on behalf of Blackstone in France and another portfolio in Germany for Lone Star Funds. Luc has also gained substantial operational hotel experience from hotel operating companies including Hilton and Hyatt.
Luc holds a Hotel Management Diploma from the Ecole Hôtelière de Lausanne in Switzerland as well as an MBA of the Open University. Luc has been a CHAM, Certified Hotel Asset Manager, since 2019 and a board member of HAMA Europe (Hospitality Asset Manager Association).
Luc is a Belgian national and speaks Dutch, German, French and English.
Tania is an Executive Director in the Investments team working across different jurisdictions. She leads Tristan’s investments in Iberia, as well as in life sciences and data centres in Europe.
Since joining Tristan in November 2018 as an Associate, Tania has worked on multiple transactions across different assets classes, including office, logistics, residential, and jurisdictions including Spain, Germany and the UK with a total GAV of c.€1.5bn.
Prior to joining Tristan, Tania worked for Goldman Sachs’ Real Estate M&A team based in London covering public European companies, and in the Real Estate Management team in Madrid, overseeing c. €1bn balance sheet exposure of real estate assets and non-performing loan portfolios across Spain.
Tania holds a dual degree in Economics from Carlos III University (Madrid, Spain) and State University of New York (New York, USA) and a Masters in Finance from London Business School.
He has over 30 years of experience in the real estate and construction sector. Formerly he was Country Head and Senior Advisor of Autonomy Capital, managing its real estate activities in Spain. Prior to this he was Managing Director of Tishman Speyer responsible of investment acquisitions and developments in Spain and Italy. He also spent ten years at Heron International, a pan European investment group, where he was Executive Director for Spain and Portugal.
Luis has been Board Member of several Spanish real estate companies and external advisor for various Spanish and International companies focused in international projects. He is also member of the executive coaching team of ESADE Business School.
Luis begun his real estate career at ACS (formerly Ocisa), a major Spanish construction group focusing on infrastructures and services.
Luis received his Law degree from UCM.
Cristina is Executive Director in Tristan’s Legal team, based in Luxembourg.
Having worked at Tristan since 2013, her role involves overseeing the day-to-day operations of Tristan’s fund structures, ensuring compliance with good governance practices, as well as managing and coordinating the legal aspects of the firm’s transactions.
Cristina holds a Master’s Degree in Law from the Faculty of Law of the University of Coimbra, Portugal and is admitted to the Portuguese Bar.
+44 (0)20 3463 8900
Prior to joining Tristan, Owen spent over five years in the real estate finance team at Bryan Cave Leighton Paisner LLP, acting for both sponsors and lenders on the delivery of complex investment and development finance transactions, secured against real estate situated in both the UK and continental Europe.
Prior to joining Bryan Cave Leighton Paisner LLP, Owen worked for two years at Eversheds LLP in London, primarily advising on the origination and restructuring of debt investments for major financial institutions.
During his time in private practice, Owen spent eight months seconded to LaSalle Investment Management where he principally advised the business as to the implementation of its pan-European whole-loan strategy. He was also seconded to the restructuring arm of a major UK clearing bank, where he coordinated functions of the bank’s disposal of €1.6 billion of non-performing debt.
+44 (0)20 3463 8900
In his role, Sam raises debt to support the acquisition of assets and portfolios across Europe in all property sectors for Tristan Funds, as well as Fund Level financing and advising on interest rate hedging strategies.
Sam joined Tristan in 2022 from Cromwell Property Group. He started his career at Barclays Corporate and Investment bank, as a lender of real estate debt to funds, PLCs and private clients.
Sam holds a first in Engineering from Loughborough University.
Managing Director – Head of Debt Finance
+44 (0)20 3463 8900
Co-Head, Client Relations
