Aver Property buys Birmingham building
Aver Property, a new partnership between Ergo Real Estate and NFU Mutual, has completed its first transaction by buying Two Brindleyplace, a prominent 78,000 sq ft office building in Birmingham.
The building was acquired from Hansainvest for £29.25 million.
It was originally constructed in 1997 and is let to Lloyds Bank until March 2022 at a rent of £2 million a year.
Martin Jepson, co-founder of Ergo Real Estate, which is a new value-add property company formed by Martin Jepson and Christopher Cope, said: “Two Brindleyplace is a fantastic first acquisition for the partnership. It is a headquarters office building in an established office market, providing us with opportunities for asset enhancement and rental growth.”
Tom Bostock, property investment manager at NFU Mutual, said: “We are delighted with the acquisition of Two Brindleyplace, Birmingham, which part seeds our Aver fund and aligns to our strategy with Ergo of investing in a range of opportunities that add diversification and growth potential to our existing prime UK property portfolio."
The acquisition is in line with Aver Property’s strategy to make value-add and opportunistic acquisitions in the UK of commercial property assets.
Aver Property aims to invest £300m in the London conurbation, the south east of England and other major UK conurbations. Individual investments are expected to range between £10m and £50m .
