A joint venture between US developer Lincoln Property Company and MGT Investment Management has acquired a six-and-a-half-acre development site in southern England from Sackville Developments Reading.

Lincoln MGT said it has bought Station Hill in central Reading from Sackville, a partnership between Stanhope and Benson Elliot.

The site, which already has outline planning permission and an agreement for a combined office and residential development, is one of the largest development schemes outside of London and has a gross development value of more than £750m (€851m).

Henry Morris, the managing director at MGT Investment Management, said: “We are delighted to have secured this outstanding mixed-use development site, which is the first investment for Lincoln MGT in the UK.

The Lincoln MGT partnership brings complementary skill sets to the joint venture with MGT leading on acquisition and investment management, and Lincoln Property Company leading on development, construction, leasing and property management.”

The Lincoln MGT partnership was established last year. The joint venture combines the commercial and residential development experience and skills of US real estate firm Lincoln with the pan-European investment experience and strategic focus of MGT.

Troy Javaher, the managing director of the European operations at Lincoln Property Company, said: “The site occupies an exceptional location next to Reading station, which has benefitted from a massive infrastructure improvement in recent years with the station’s redevelopment and the expected delivery of Crossrail’s Elizabeth line in December 2019.

”We understand the strategic importance of this infill development to Reading’s continued economic growth, and we look forward to working with the council, the local community and other stakeholders to bring forward an outstanding mixed-use development.”

David Camp, Chief Executive of Stanhope, said: “Sackville Developments Reading is pleased to confirm that it has sold its interest in the Station Hill development to Lincoln MGT.”

James Jakeman, a partner at Benson Elliot, said: “Benson Elliot and Stanhope have worked closely together over the last number of years to deliver one of the south east’s most strategically important and high-profile development opportunities.

“It has been an exciting undertaking to be involved with and having accomplished our objectives against the backdrop of a strengthening local market and beneficial large-scale infrastructure projects, we are now in a position to hand the site over for its next phase and to crystallise value on behalf of our investors.”