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.
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.
