A subsidiary of UK-focused investor Topland Group has purchased an office asset in Reading in the UK from M&G for £35 mln (€41 mln).
Reading Bridge House was acquired by Vintage Capital (No.3) Limited, a Topland Group associated company.
'This is another good achievement for the Group,' commented Sol Zakay, chairman of Topland Group.
The 115,000 square foot multi-let office building has an average weighted unexpired lease term of six years, with Capita as the largest tenant. It is located directly opposite Reading train station, which will soon serve as a Crossrail station.
'The building has many asset management opportunities where value can be added. It is let off sensible rents and there is 15% vacancy in the building which presents a chance to set new benchmark rents,' added Mark Kingston, managing director of Topland Group. 'Crossrail will only enhance the demand for the building and we are delighted to have secured the deal at a point in the cycle where good value is difficult to find.'
Savills acted for M&G, while and Strutt & Parker acted for the buyer.
