M&G Real Estate has acquired One Reading Central, a 220,000 sq ft (20,500 m2) prime office scheme in the southeast UK town of Reading for £94.5 mln (€120 mln), reflecting a net initial yield of 6.3%.

M&G Real Estate has acquired One Reading Central, a 220,000 sq ft (20,500 m2) prime office scheme in the southeast UK town of Reading for £94.5 mln (€120 mln), reflecting a net initial yield of 6.3%.

Located directly opposite Reading railway station, the Grade A development is close to M&G Real Estate and Bell Hammer’s existing Forbury Place scheme, a new 370,000 sq ft development currently under construction.

'The acquisition of One Reading Central, considered in the context of M&G Real Estate’s wider holdings in central Reading, offers an exciting opportunity to provide a total of 222,462 sq ft of office accommodation within moments of Reading station,' the company said in a statement.

The acquisition follows M&G Real Estate’s purchase of a 100,000 sq ft office development, also close to Reading station, in September and 15,000 sq ft of lettings at its Apex Plaza complex in August that took the building to full occupation.

M&G Real Estate was unrepresented in the acquisition of One Reading Place. Jones Lang LaSalle acted for the vendor.

Aspect Property Consultants and Cushman & Wakefield advised M&G Real Estate on the letting. Clews & Co represented Kuehne + Nagel.