The EPISO 3 Fund, advised by Tristan Capital Partners, has acquired Birmingham’s The Cube from administrators at PWC for an 8.42% yield.
The price was not revealed but is understood to be around £40m.
The purchase comes eight days after the first close of the EPISO 3 fund, which has raised €170m (£137.5m) in equity.
The fund is targeting a total equity volume of €750m, but closed its first raising early to secure exclusivity on the 216,000 sq ft Birmingham landmark.
It is also in talks on a second acquisition in Germany, which is due to be finalised shortly.
Head of investments Cameron Spry 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.”
The Cube was placed into administration in 2010. Savills was appointed to sell the building in May.
samantha.mcclary@estatesgazette.com
