German bank HSH Nordbank is providing a €130m five-year loan for Tristan Capital Partners’ purchase of the Karstadt department store in Munich.
Tristan has made the purchase through its European Property Investors Special Opportunities 3 (EPISO 3) fund which has effectively bought out the current owners, Dublin-based Signature Capital.
The purchase price was undisclosed but Signature is believed to have paid around €180m for Karstadt last year. Signature retains an investment interest and will be the asset manager.
The 100,000 sq ft property is fully occupied by the Karstadt department store on a long lease.
Ali Otmar, managing director at Tristan Capital, said: “This property provides one of the largest amount of contiguous retail space in central Munich, which is one of the most desirable shopping and investment locations in Europe. We will work in close cooperation with Karstadt to rethink and reposition the property as the most compelling retail offering in Munich.”