Valesco Group and AIP Asset Management are to acquire Microsoft’s UK headquarters in Reading, Berkshire, for £100m.
The pair, based in London and Seoul respectively, have bought the 246,138 sq ft campus from Solutus and FI Real Estate Management.
The price represents a net initial yield of circa 6.6%.
The investment is backed by a consortium of South Korean institutional investors.
The freehold campus was developed by Microsoft and is let in its entirety to Microsoft Ltd, the global technology company’s UK subsidiary, at an average rent of £27 per sq ft.
It comprises three buildings and is located in Thames Valley Park.
Earlier this year, Valesco and AIP acquired Cannon Bridge House, EC4, for £248m, a deal that was also backed by South Korean investors.
Shiraz Jiwa, chief executive of Valesco Group, said: “The real estate fundamentals underpinning Reading are increasingly compelling and its entrepreneurial talent pool is very attractive to multinational occupiers.
“This transaction continues our commitment to the UK market where, in addition to mainland Europe, we see strong potential to further deploy capital to deliver value for our investors.”
BNP Paribas Real Estate advised Solutus and FI Real Estate Management.
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