Tristan Capital Partners (Real Estate)

Tristan Capital Partners is a real estate investment manager, specialising in value-added investment strategies across all property types in the UK and Europe. Tristan’s pan-European real estate funds include core+, opportunistic and debt strategies, with total assets under management of over €15 billion and a loyal client base of institutional and private investors. Tristan is exclusively focused on pan-European middle market real estate across three fund strategies; core-plus, value-add/opportunistic, and debt.

Core-Plus (Curzon Capital Partners 5 Long-Life): Focused on building a diversified portfolio of mid-market European real estate through investing in existing assets with minor impairments that can be quickly and easily corrected through pro-active asset management to create stabilised core investments.
Value-Add/Opportunistic (European Property Investors Special Opportunities closed-ended funds): Focused on building a diversified portfolio of mid-market European real estate assets through active leasing, refurbishing and redeveloping assets in Europe’s largest and most liquid markets.
Debt (Tristan Income Plus Strategy): Pan-European real estate debt strategy established in 2021. Focused on mid-market whole loans, mezzanine loans and stretch senior loans on transitional assets.

Founded in 2009, the Firm’s senior team and Investment Committee has worked together for over 20 years across 12 funds, with investments totalling more than €24bn of gross real estate assets (as at January 2023) and over 250 investments totalling c.€25bn of gross real estate assets. Tristan is headquartered in London and has offices in Luxembourg, Milan, Paris, Frankfurt, and Amsterdam.

Investment principles & strategy

‘Income Plus’ debt strategy

Whole loan lending strategy provides a one-stop solution to borrowers and allows Tristan to concentrate on sponsor relationship, while achieving better risk premiums versus senior/mezzanine debt
Positioned to optimise risk/return trade-off by underwriting moderate asset risk (core +/value-add spectrum) and retain a moderate capital structure position (35/45% to 60/70% LTV range) using loan-on-loan financing
Build a scaled and diversified exposure that ensures the fund has a broad range of different risks that balance each other appropriately

Distinctive core+ strategy

Focus on high-quality assets with leasing and light refurb to stabilise assets at higher yields
Broad diversification by region, asset type, tenant base and economic drivers to ensure greater consistency of return
Defensive in-place cash yield and regular income distributions of 4%+, with modest use of leverage (max 45% LTV)

Value add/opportunistic strategy

Pursuing high conviction investment themes, leveraging acute supply constraints and demand tailwinds with a focus on high quality, including ESG factors
Value-add asset management strategy to transition assets to core using moderate leverage (max 65% LTV)
Diversified portfolio across markets and sectors, allocation decisions informed by proprietary research

Strategic corporate development

Tristan Capital Partners is one of the largest dedicated investment, asset management and research platforms in Europe. The firm is led by nine senior partners with 170+ employees covering 19 markets and all major property types. Tristan has over €15bn of AUM with 100+ active LP relationships with major global institutions. 70% of our clients are repeat investors across vintages and strategies.

Tristan is a research-led firm, which strives to serve clients by capitalising on thematic trends/opportunities across European markets. Investment strategy is determined by the senior professionals of the firm and governed by the investment committee, which combines top-down, long-term macroeconomic and sectorial analysis with the ground-up scrutiny of market opportunities and specific deal characteristics.