M&G Real Estate has acquired One Reading Central, a 220,000 sq ft prime office scheme in Reading city centre, for £94.5m, reflecting a net initial yield of 6.3%.
Located immediately opposite Reading railway station, the grade-A block has potential for integration with M&G Real Estate and Bell Hammer’s existing Forbury Place scheme, a 370,000 sq ft development under construction nearby.
M&G also bought R+, a 100,000 sq ft office development near Reading station, in September.
The company has also let a 100,000 sq ft industrial building at Acre Road in Reading to logistics firm Kuehne & Nagel, which will run a chilled and frozen food contract from the shed.
M&G Real Estate was unrepresented on the acquisition of One Reading Place. JLL acted for the vendor.
Aspect Property Consultants and Cushman & Wakefield advised M&G Real Estate on the letting. Clews & Co represented Kuehne + Nagel.
