Tristan Capital Partners' European recovery vehicle EPISO 3 has acquired The Cube building in Birmingham days after the fund raised EUR 170 mln of commitments in a first close. The investment volume for the transaction was not disclosed but Tristan said it reflected a net initial yield of 8.42%.
Tristan Capital Partners' European recovery vehicle EPISO 3 has acquired The Cube building in Birmingham days after the fund raised EUR 170 mln of commitments in a first close. The investment volume for the transaction was not disclosed but Tristan said it reflected a net initial yield of 8.42%.
European Property Investors Special Opportunities 3 is targeting a total equity volume of EUR 750 mln, but completed an early first close on 6 December to secure its exclusivity on The Cube transaction and on a second deal in Germany, which is expected to be finalised shortly.
The Cube is a 20,000 m2 mixed-use building consisting of office, retail, residential, hotel, leisure, and car parking space in the Westside district of central Birmingham. The property was built in 2010 and designed by award-winning architect Ken Shuttleworth, a former partner at Foster and Partners. It was sold to Tristan by Aruna Projects.
Cameron Spry, head of investments at Tristan Capital, said: 'The Cube is a good fit for EPISO 3’s strategy of targeting properties with the potential for producing strong value added/opportunistic investment returns with astute asset management and on the back of our conviction that currently depressed European economies will recover over time.'
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