Brindleyplace office block sold in £29m deal
A BIRMINGHAM office building has been sold in a £29 million deal.
Two Brindleyplace has been bought by Aver Property, a new partnership between Ergo Real Estate and NFU Mutual.
The deal is its first transaction. The building has 78,000 sq ft of office space on the Brindleyplace estate and has been sold by Hansainvest.
Originally constructed in 1997, Two Brindleyplace is let to
Lloyds Bank until March 2022 at a rent of £2 million a year.
Martin Jepson, co-founder of Ergo Real Estate, 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, added: “We are delighted with the acquisition of Two Brindleyplace 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.”
Aver Property said it was aiming to invest £300 million in London and other major UK conurbations.
Property consultancies Colliers, Corbett Northam and CBRE acted on the deal.