Clifford Chance has advised CCPIII, the core plus fund advised by pan-European real estate manager Tristan Capital Partners, on the sale of "Dieterich Karree" residential/retail complex in downtown Düsseldorf's Pempelfort district.

Bayerische Versorgungskammer is the purchaser. The purchase price is 70.5 million Euros which corresponds to a 5.2% initial yield.

The "Dieterich Karree" complex consists of several buildings with 18,300 square metres (282 units) of residential and 11,300 square metres of retail area as well as a 660-space underground parking garage.

The independant investment management company Tristan Capital Partners acquired the complex through a foreclosure process together with Pamera Asset Management in July 2011 for their CCPIII fund.

The Clifford Chance team was led by partner Cornelia Thaler and comprised partner Dr. Gerold M. Jaeger, associate Dr. Sebastian Schmitt, senior transaction lawyer Anja Roth (all Frankfurt) as well as senior transaction lawyer Katrin Rötering (Düsseldorf) – all Real Estate.

A team led by Cornelia Thaler already advised Tristan and Pamera on the acquisition of "Dieterich Karree" in 2011.