Orchard Street Investment Management has bought an office asset in south-east England on behalf of St. James’s Place UK.
The specialist commercial property investor said it has completed the acquisition of 3 Arlington Square in Bracknell, Berkshire for £22.7m (€25.8m). The asset was acquired from Arlington.
The multi-let Grade A property provides 67,862sqft of office accommodation, arranged over ground and four upper floors, with 298 on-site car parking spaces.
Orchard Street said the building is 92% let to six high-quality tenants.
Barney Rowe, a partner at Orchard Street, said: “3 Arlington Square is a prime asset which offers high-quality office space in a strong town centre location, with the rental tone representing a compelling discount to neighbouring Thames Valley markets including Reading, Staines and Maidenhead.
“With the major regeneration of Bracknell’s town centre and strong population growth forecast, we consider it an optimum time to invest in this improving market.”
James Raven, a managing director at Arlington, said: “This sale at Arlington Square completes the initial phase of re-positioning our portfolio, following our acquisition by TPG, and we now turn our focus to reinvesting in our core Portfolio to create a series of amenity rich, customer focused business locations, and in developing out our landbank.”