Brockton Capital and Landid have sold two assets in Reading and Slough to Standard Life Investments for a total of £56.5m.
They has sold One Valpy in Reading and The Urban Building in Slough. Both have undergone refurbishments.
One Valpy, a 60,000 sq ft, eight-storey building overlooking Forbury Gardens in Reading, is approximately 50% let or committed to tenants including H&M, Bullit Group, Rio Tinto, Thinking Phones and Mabey.
The Urban Building, a 98,000 sq ft building on Albert Street, Slough, has achieved two lettings to KP Snacks and Caffè Kix.
The Landid/Brockton JV is looking to commit up to £250m to acquire similar investment opportunities, in the Western Corridor, Greater London and selected UK cities. It is currently developing three major office buildings: The Charter Building, Uxbridge; Thames Tower, Reading; and The Porter Building, Slough, for completion between Q4 2016 and Q3 2017.
Trevor Silver, managing director at Landid, said: “We have sold One Valpy and The Urban Building ahead of schedule, reflecting the current demand for office investments in prime Thames Valley locations, especially those on Crossrail.”
Tony Edgley, partner at Brockton Capital, added: “These assets perfectly capture our strategy to create institutional quality investments from overlooked or redundant assets, which can respond to the needs of the next generation of occupier.”
JLL advised Landid/Brockton. Colliers represented Standard Life Investments.
