VERVE PROPERTIES MAKES FIRST PURCHASE FOR INVESTMENT PROGRAMME

December 15, 2009

Verve Properties has made its first investment purchase for over two and a half years, with the £3.1m procurement of the Quadrangle, Atalanta St, Fulham, SW6, from Workspace. Verve has purchased the 26,000 sq ft courtyard office scheme, which is 25% vacant, at an initial yield of 7.5%.

After ensuring funding of £50m from its shareholders and bankers, Verve is now looking to purchase further income producing secondary assets in the £1m to £7m range across the South of England.  In particular Verve is seeking properties suitable for refurbishment and rebranding.

Rumsey and Partners represented Verve and MBLP acted for Workspace.

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