Tristan Capital Partners is poised to sell the Cube in Birmingham, one of the city’s most recognisable buildings.
The fund manager is understood to have appointed CBRE and Capital Real Estate Partners to find a buyer for the building, which is expected to attract bids of around £55m – a 6% yield.
Tristan has undertaken a programme of asset management on the building since acquiring it for £37m in 2012, and has taken the building from around 80% vacant to 97% let.
It has a weighted average unexpired lease term of eight years.
Tristan has also benefited from the revival of the surrounding area, with Brockton Capital and Milligan Retail nearing completion of a £50m redevelopment of the Mailbox.
The Cube comprises 111,000 sq ft of office space and 64,000 sq ft of shops and leisure including a Marco Pierre White rooftop brasserie. It also includes 242 flats.
Tristan declined to comment.
