Tristan Fund & FREO Sell Repositioned 4711 Cologne Estate for €220 Million

EPISO 3, an opportunity fund by pan-European real estate investment manager Tristan Capital Partners, has sold the Kölnisch Quartier, formerly known as Barthonia Forum, in Cologne’s Ehrenfeld district through a number of separate transactions for around €220 million, after transforming the mixed-use estate into a vibrant city quarter through active asset management with its local operating partner and co-investor FREO.

The majority of the estate “Barthonia Forum”, known as the former production site for the famous 4711 Eau de Cologne, was acquired for an undisclosed amount by the Family Office East Guardian advised by BLUE Asset Management. The property consists of more than 50,000 sq m of lettable area including retail, modern office space as well as 124 residential units.

Fabian Meinsen, Director at Tristan, said: “This latest transaction marks the successful disposition of the entire estate and demonstrates our capacity to creatively implement asset management strategies in the established and maturing German market. At the time of acquisition, the asset had significant vacant space, a short residual lease duration to expiry and suffered from under-utilised space. Together with FREO, we lifted the assets to institutional quality by letting approx. 30,000 sq m to occupiers with strong covenants on long leases”.

Erik Wigertz, CEO of East Guardian, added: “We are proud to be new owners of the historical landmark that the former 4711 Eau de Cologne factory is and look forward to developing this area of Cologne in close cooperation with local authorities. We managed to complete and close this transaction in a record three weeks, something which speaks words about the professionalism of the seller and our investment manager BLUE Asset Management as well as our due diligence partners, Arnecke Sibeth Dabelstein and Stock Aders Klein + Partner”.