UK Commercial Property REIT (UKCP REIT) has acquired a multi-let office building in Reading £51m (€57.8m) and sold an office asset in Bristol to the West Midlands Pension Fund for £27.6m.

The FTSE 250 company, managed by Aberdeen Standard Investments, said it bought the White Building from Boultbee Brooks Real Estate in partnership with a client of CBRE Global Investors.

The eight-storey property, which reached practical completion after a refurbishment in 2017, comprises 95,903sqft. The asset is 82% let to nine tenants.

UKCP REIT said it sold the fully let 1 Rivergate office building on Temple Quay in Bristol city centre to West Midlands Pension Fund.

Will Fulton, the lead manager of UKCP REIT at Aberdeen Standard Investments, said: “The acquisition of the White Building in Reading, which is effectively a new office and has proven enormously popular amongst tenants, is in line with our strategy to acquire prime assets with an earnings focus.

”We fully expect that the property will continue to benefit from the wider infrastructure investment being undertaken in Reading, most significantly the Elizabeth Line links to central London and improvements to the public realm.”

Clive Brooks, the managing director of Boultbee Brooks Real Estate, said: “The sale of the White Building to UKCP REIT concludes one of our most exciting office refurbishment projects to date and we are very pleased with the completed building.

“In 2014 we took the bold step to acquire the vacant and dilapidated Kings House out of Receivership and in conjunction with our partners at CBRE Global Investors, we created an exciting workspace with exposed services that has set itself apart from other office buildings in Reading.”

 

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