UK Commercial Property REIT has bought the White Building on King’s Road in Reading from Boultbee Brooks Real Estate and CBRE Global Investors for £51m.
The 95,903 sq ft, eight-storey office (pictured) completed in 2017 and is 82% let to nine tenants with a weighted average unexpired lease term of five years to break. It is expected to deliver annual rent of £3m once fully let, a 5.9% yield.
UKCP REIT, which is managed and advised by Aberdeen Standard Investments, has also sold 1 Rivergate, an office building on Temple Quay in Bristol city centre, to West Midlands Pension Fund for £26.6m net.
The 69,754 sq ft 1 Rivergate is let entirely to OVO Energy on a lease that can expire from April 2023.
Will Fulton, lead manager of UKCP REIT at Aberdeen Standard Investments, said: “The acquisition of the White Building in Reading, which is effectively a new office and has proven enormously popular among tenants, is in line with our strategy to acquire prime assets with an earnings focus.”
UKCP REIT was advised by Knight Frank on the White Building and by Colliers on 1 Rivergate. Boultbee Brooks Real Estate and CBRE Global Investors were advised by Aurum Real Estate Partners.
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