Tristan Capital Partners is understood to have agreed the acquisition of Reading International Business Park for a 15% discount compared to the price negotiated before the pandemic.

Reading business park

Reading Business Park

Tristan had been in talks with landlord DWS since late last year to buy the asset for a price of around £140 mln (€154 mln) but it failed to exchange on the asset before the crisis. Well-informed market sources confirmed to PropertyEU that the investor has now inked a deal for a price of just £120 mln (€132 mln).

The story was first reported by UK publication React News.

DWS, part of Deutsche Bank, had initially put the 406,000 sq ft business park up for sale for £130m, (€143 mln) reflecting a 5.8% yield.

DWS first bought the business park, which is the European headquarters of US telecoms company Verizon, in 2011 from the Arlington Business Parks Partnership for around £140 mln (154 mln).

All parties declined to comment.