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Tristan Capital Partners acquires business complex in Madrid for €103M

Tristan Capital Partners’ real estate fund, which recently launched the CCP 5 ‘Long-Life’ fund, has completed its first transaction with the acquisition of the Manoteras business complex for €103 million. The business park is located on Avenida de Manoteras, in the A-1 corridor of Madrid.

The Director of Investments at Tristan Capital Partners, Nikolay Velev, confirmed that «the first investment for the CCP 5 fund is a milestone for Tristan in Spain. It allows the core-plus fund to enter the dynamic office market in Madrid, where there’s a significant imbalance between supply and demand, after six years of record lows».

The Manoteras business park comprises four buildings, which offer 38,200 m2 of Grade-A office space and 995 parking spaces.

Tristan’s fund has teamed up with Zaphir Asset Management, a subsidiary of Aguirre Newman, which has co-invested in the transaction.

Fernando Ramírez de Haro, Partner and Executive Director at Zaphir Asset Management, said: «We are very happy to have been appointed by CCP5 as the local operating partner responsible for managing the assets. We are very active in this market and we are confident that the A-1 corridor offers a very good opportunity for sustainable rental growth, given that it is one of the most established CBD office markets in Madrid».

CCP5’s advisors in the transaction have been Aguirre Newman, JLL and Freshfields Bruckhaus Deringer. CBRE, Knight Frank and Uria Menéndez advised Lone Star.