Tristan’s European Property Investors Special Opportunities 3 (EPISO 3) Fund has completed the sale of The Cube, a mixed-use building located in Birmingham’s city centre.
Although financial details were not disclosed, the asset was expected to fetch around £55 mln. The name of the buyer was kept confidential.
Designed by architects Ken Shuttleworth, the 25-storey building comprises 500,000 sq ft (46,500 m2) of space including restaurants, bars, a boutique hotel, luxury spa and gym, as well as apartments and prime office space.
Jean-Philippe Blangy, managing director and head of asset management at Tristan Capital Partners, commented: ‘The Cube was the first acquisition made by the Fund. Over the holding period, the Fund has executed the business plan, consolidated the tenancy structure to provide long, solid income from a diversified rent roll and, ultimately, realised this sale and achieved returns ahead of our customary projects.’
Tristan’s EPISO 3 Fund, together with Neil Edington, Partner at EDG Property, acquired The Cube from Lone Star in December 2012 for a price believed to be around £37 mln or at a net initial yield of 8.42%.
Stephenson Harwood advised on legal and corporate matters for the acquisition and disposition of The Cube.