M&G Real Estate has acquired R+, an office development in the centre of the English city of Reading for £33 mln (€42 mln).
M&G Real Estate has acquired R+, an office development in the centre of the English city of Reading for £33 mln (€42 mln).
The purchase of the 9,290 m2 Grade A office marks the global real estate fund manager’s commitment to the south-east office market in the UK. The vendor is Consi Investments.
Construction on the seven storey R+ building has now commenced with completion due in Q4 2015. It will provide six floors of prime office accommodation behind a copper clad facade with 44 parking spaces and an Excellent BREEAM rating.
John Fyfield, director of development at M&G Real Estate, commented, 'We have already seen significant investment in Reading's local infrastructure and public realm, including the £850 mln redevelopment of Reading Train Station. Coupled with the strong rental growth expected, and yield compression seen across the South East offices market, R+ is perfectly positioned to provide attractive risk adjusted returns for our client.'
Savills represented M&G Real Estate. Measures & Co and Tudor Toon acted on behalf of Conti Investments.
M&G Real Estate is the real estate fund management arm of M&G and is has over £19.3 bn invested in a broad spread of properties across Europe, North America and the Asia Pacific region.
