Bayerische Versorgungskammer (BVK) has bought €70.5m in mixed-use real estate in Düsseldorf from Tristan Capital Partners.

Germany’s largest public pension fund bought the retail-residential complex Dieterich Karree in the city’s Pempelfort district from Tristan’s CCPIII core-plus fund.

The 29,000sqm property, which includes residential and retail space, was sold at a 5.2% yield.

Tristan, which had bought the building through a foreclosure process in 2011, said it had found new tenants on long-term leases for the asset.

Tristan worked with local firm Pamera Asset Management on the property, which is 95% let.

Ben Newman, managing director of portfolio/asset management at Tristan Capital Partners, said: “On its purchase, we were confident the German residential and retail markets were set for a strong run, as indeed has occurred, so we have comfortably exceeded our return target for the CCPIII fund.”

In the UK, a joint venture between Tristan and Clearbell Capital has sold a regional retail property for £16.3m (€20.4m).

Borough Parade in Chippenham was sold to Development Securities through the joint venture companies’ respective MoREOF and EPISO funds.

Jeremy Bullock, Tristan’s director of portfolio and asset management, said a “pick-up in UK retail values” spreading to secondary markets had “gathered momentum”, and now was an “opportune time to sell”, with the joint venture achieving its return targets.