RBS lends €200m for raft of Tristan fund acquisitions

Tristan Capital Partners has secured a €200m revolving credit facility from RBS International to finance acquisitions. It has reached exclusivity on five deals worth €250m across the office, retail, residential and logistics sectors in the UK, Germany, Austria and Central Europe, for its Curzon Capital Partners III fund.

The core-plus fund, which was launched in March with a €500m equity target, has held a modest first closing with initial investors to enable it to lock in deals now. Tristan said spreads between core-plus and value-added yields and core yields are “at  a cyclical high”.

Tristan chief executive Ric Lewis added: “We are in advanced due diligence with several more potential investors and expect an additional closing in late summer or early autumn, but this was a situation where time was of the essence.” The European Property Investors Special Opportunities fund, which Tristan manages with AEW Europe, is about 80% invested and has further deals in the pipeline in the UK, France and Germany.