Tristan Capital Partners-Advised Fund Sells Berlin's Titania Palast Retail Property With JLL
BERLIN, Oct. 21, 2026 – Episo5, a fund advised by Tristan Capital Partners, has sold the Titania Palast, a retail property on Schlossstraße in southwest Berlin, to a Berlin-based family office. JLL advised the seller and brokered the transaction.
The buyer intends to hold the property in its portfolio over the long term. KauriCAB Berlin provided operational support to Tristan Capital Partners on the asset.
Titania Palast Property Details
The Titania Palast was built in the late 1920s on a site of approximately 2,700 square meters (about 29,063 square feet). The building contains roughly 6,000 square meters (about 64,583 square feet) of lettable area and is located on Schlossstraße in the Steglitz district of southwest Berlin.
The property is 100% leased, with an average lease term of about seven years.
Cinema and Retail Tenant Mix
The largest tenant is a Cineplex cinema with seven screens and seating for more than 1,200 visitors. Other anchor tenants include a newly opened McDonald's flagship store, a branch of Dutch household-goods retailer Hema, and an Aldi supermarket, which opened its first Berlin branch at the property.
Roles of Tristan Capital Partners and JLL
Tristan Capital Partners advises Episo5, the fund that sold the asset. JLL acted as the seller's adviser and arranged the sale. KauriCAB Berlin supported Tristan Capital Partners on the operational side of the property.
Berlin Investment Market Context
Berlin's investment market remained subdued in the first half of 2026. Transaction volume was approximately €633 million, down nearly 52% year over year, and single-asset activity was concentrated in smaller transactions of up to €50 million. By the end of the third quarter, Berlin's investment volume had reached roughly €1 billion, with only one transaction above €100 million and one other above €50 million.
Financing conditions continued to influence pricing. BNP Paribas reported upward pressure on net prime yields because financing costs remained higher than at the start of the year. Berlin high-street yields stood at 3.95% in the first quarter, and prime retail yields were reported at 4.05% by the end of the third quarter, after a 10-basis-point increase during the quarter. These benchmarks relate to conventional prime high-street retail rather than a cinema-anchored mixed-use property such as the Titania Palast.
The broader German retail investment market was more active than Berlin's overall market. First-half retail transaction volume was approximately €3.6 billion, up about 115% from the prior-year period. Prime shopping-centre yields were around 5.9%, retail parks about 4.6% and individual specialist stores about 6.0%.
Outlook
The sale is a stabilized-income transaction rather than a redevelopment or repositioning, involving a fully let asset with a mix of entertainment, food service, grocery and household-goods tenants. It took place in a Berlin market where smaller, fully leased assets accounted for much of the single-asset activity.
Sources
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