Glade Capital has bought the UK headquarters of Thames Water for £35m.
The five-storey, 89,059 sq ft Clearwater Court in Reading, Berkshire, which sits just 300m from Reading train station, was put up for sale through JLL in November last year with an asking price of £41m – a 7.35% net initial yield.
Thames Water’s lease on the building runs until July 2032. It pays a passing rent of £3.2m per annum, reflecting a rent of £36.05 per sq ft.
Glade chief investment officer Lior Eisenberg said: “This investment perfectly aligns with our growth strategy and presents an exciting opportunity for us to further enhance our presence in the UK commercial real estate market.”
Glade Capital said it planned to implement an extensive refurbishment and modernisation program for the newly acquired property, with a strong focus on ESG credentials.
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