Aver Property, a new partnership between Ergo Real Estate and NFU Mutual, has completed its first transaction with the acquisition of 2 Brindleyplace, a prominent 78,000 sq ft office building on the Brindleyplace estate in Birmingham.
The building was acquired from Hansainvest for ยฃ29.25 million, which reflects a net initial yield of 6.5%. Originally constructed in 1997, 2 Brindleyplace is let to Lloyds Bank until March 2022 at a rent of ยฃ2 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: โ€œ2 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.โ€

Tom Bostock, Property Investment Manager at NFU Mutual, commented: โ€œWe are delighted with the acquisition of 2 Brindley Place, 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 portfolioโ€.

The acquisition is in line with Aver Propertyโ€™s strategy to make value-add and opportunistic acquisitions in the UK of commercial property assets.

Aver Property aims to invest ยฃ300 million in the London conurbation, the south east of England and other major UK conurbations. Individual investments are expected to range between ยฃ10 million and ยฃ50 million and provide the potential for income enhancement through skilled asset management and through capital value growth from repositioning and re-structuring of assets, leases and occupations and uses.

Aver Property was advised by Colliers and the vendor was advised by Corbett Northam and CBRE.