The EPISO 3 Fund advised by Tristan Capital Partners has acquired Birmingham's 'The Cube' building from Aruna Projects LLP at a price reflecting a NIY of 8.42% within days of its first capital closing after raising 170 million in commitments.
The European Property Investors Special Opportunities 3 (EPISO3) Fund is targeting a total equity volume of 750 million, but completed an early first close on December 6th to secure its exclusivity on The Cube transaction and on a second deal in Germany, which is expected to be finalized shortly.
Cameron Spry, Head of Investments at Tristan Capital, said: "The Cube is a good fit for EPISO3'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."
The Cube is a 215,785 ft² (approx. 20,046 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.
Birmingham's central business district, main railway station and International Conference Centre are all within walking distance of The Cube. The city is the second largest economic centre in the UK and is the regional capital of the West Midlands with an urban population of over one million people and a workforce of approximately 4.3 million within a 45-minute drive time.
Source: Bellier Financial