We report on a study of the electronic and magnetic properties of the triangular antiferromagnetic {Cu3} single-molecule magnet, based on spin-density-functional theory. Our calculations show that the low-energy magnetic properties are correctly described by an effective three-site spin s = 1/2 Heisenberg model, with an antiferromagnetic exchange coupling J approximate to 5 meV. The ground-state manifold of the model is composed of two degenerate spin S = 1/2 doublets of opposite chirality. Due to lack of inversion symmetry in the molecule these two states are coupled by an external electric field, even when spin-orbit interaction is absent. The spin-electric coupling can be viewed as originating from a modified exchange constant delta J induced by the electric field. We find that the calculated transition rate between the chiral states yields an effective electric dipole moment d = 3.38 x 10(-33) C m approximate to e10(-4)a, where a is the Cu separation. For external electric fields epsilon approximate to 10(8) V/m this value corresponds to a Rabi time tau approximate to 1 ns and to a delta J on the order of a few mu eV.