Lincoln MGT has bought the £750m Station Hill project in Reading, Berkshire, from Stanhope and Benson Elliot.
The joint venture between US developer Lincoln Property Company and European investment manager MGT Investment Management has bought the 6.5-acre site for around £70m.
The project has consent for 930,000 sq ft of offices, 150,000 sq ft of retail and around 475 flats.
It sits opposite Reading station, which will become the start of Crossrail.
Troy Javaher, managing director of European operations at Lincoln Property Company, said: “The site occupies an incredible location next to Reading station, which has benefitted from a massive infrastructure improvement in recent years with the station’s redevelopment and the expected delivery of Crossrail’s Elizabeth line in December 2019.
“We understand the strategic importance of this development to Reading’s continued evolution and we look forward to working with the council and stakeholders to bring forward an outstanding mixed-use development in the near future.”
Lincoln MGT was advised by LSH and Knight Frank. The vendors were represented by CBRE.
To send feedback, e-mail david.hatcher@egi.co.uk or tweet @hatcherdavid or @estatesgazette
