CCP 5, the new perpetual core-plus fund advised by Tristan Capital Partners, has acquired the Interchange Building in Croydon, south London, from a fund advised by CarVal Investors for £71.5m.
The 180,000 sq ft building is arranged over nine floors and is occupied by tenants including EDF Energy, Siemens and Vitality Corporate.
CarVal Investors and Canmoor acquired the building with vacant possession in 2013 from Strategic Partners UK III, a fund advised by CBRE Global Investors.
The building was subsequently extensively refurbished and provides more than 420 car parking spaces.
Peter Mather, managing director of investments at Tristan Capital, said: “This acquisition allows us to capitalise on Croydon’s emergence as a low-cost, high-amenity alternative to London’s core office locations.
“The recently refurbished Interchange Building is currently the only office in Croydon offering 10,000 sq ft plus grade-A space and is in a prominent location with excellent transport links.”
DTRE, Maples Teesdale, PwC and TMD advised CCP 5; CarVal Investors was represented by Tudor Toone.
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