Cube Sells At Second Attempt
Tristan Capital has sold Birmingham's 500K SF Cube mixed-use development at the second attempt.
The sale — to an unnamed buyer at an unnamed price — was announced by Tristan’s European Property Investors Special Opportunities 3 (EPISO 3) Fund.
A sale was launched in 2015 at a price of £55M, representing a 6% yield, according to Estates Gazette.
EPISO 3 acquired the residential and leisure development designed by Gherkin architect Ken Shuttleworth in 2012 paying £37M, reportedly at a yield of 8.42%.
They acquired the property from Aruna, represented by PwC as administrators of Birmingham Development Co., the business that completed The Cube in 2011. Lloyds Bank debt was sold to Lone Star in 2011.
The distinctive building contains 242 apartments along with 110K SF of office space and 64K SF of retail and leisure.
Since 2014 the same Tristan fund has owned the 375K SF Fort Dunlop office building in Birmingham. Along with 300K SF of offices are 40K SF of retail, a hotel and car parking.
