Tristan Capital Partners' EPISO 4 opportunity real estate fund has acquired a freehold development site in Birmingham, UK from a Patrizia joint venture, with planning consent for a 105.5-metre office tower.
Financial details were not disclosed.
The plot at 103 Colmore Row, Birmingham, was purchased in an off-market transaction.
Nicho Jenkins, managing director at Tristan, said: 'This development provides EPISO 4 with a unique opportunity to deliver a best-in-class Grade-A office building in the CBD of one of the UK’s leading regional markets.'
The planned building, designed by Doone Silver Kerr, will comprise 224,000 ft2 (20,800 m2) of office space and 7,700 ft2 of restaurant space over 26 stories. It will also feature a terrace and communal lounge space. At 105.5 metres, it will be the tallest office tower in the city, Tristan said.
BAM Construction has now been formally appointed as the main contractor, having worked on the site since June 2018 under a limited authority services agreement. The tower is scheduled for completion in Q2 2021.
The fund will retain Sterling Property Ventures as the development manager for the project.
'Tristan is a natural partner for us because of their belief in the scheme and the Birmingham office market. The Sterling team is looking forward to working with them to deliver a first class office scheme for the city,' added James Howarth, managing director at Sterling Property Ventures.
Colliers International provided EPISO 4 with investment advice, whilst Knight Frank provided occupational advice.
