BERLIN—Tristan Capital Partners has acquired a neighborhood shopping center in Berlin and a mixed-use building in central Munich among five German investments totaling more than $510 million (€450M). The five properties will be acquired in Q1 for funds managed by the European firm.

“Germany's economic resilience has been a key theme in Europe for Tristan funds as has been the focus on neighborhood shopping centres that have a dominant position in local city catchment areas,” said Ali Otmar, managing director of investments at Tristan. “Tristan funds have started 2015 with a bang with these two acquisitions and the three others that are pending, demonstrating that even in an in-demand market like Germany there is ample opportunity to unearth assets with structural flaws that can be repositioned through active management.”

Curzon Capital Partners III, a core plus-style fund, has acquired the 37,900 square meter Neukölln Arcaden shopping center located on the main thoroughfare of the fashionable Berlin district of Neukölln for $75 million (€65.6M) million from AXA Immosolutions, a German open-ended fund that is in liquidation. Neukölln Arcaden has 46 shop units, a nine-screen cinema, a public library, post office and parking on its upper floors.