Oxford Properties has bought 250 Brook Drive on Green Park in Reading, for £19.5m in an off-market deal.
The price paid by Canadian pension fund OMERS’ Oxford Properties to AXA Real Estate, acting on behalf of CIS, reflects a 8.75% net initial yield.
The 67,000 sq ft building is the headquarters of consultancy firm Logica. The purchase means that excluding the Regus building at 200 Brook Drive, Oxford Properties now owns almost all of the assets on the 190-acre business park, which it purchased in November 2011 for £400m.
A source close to the deal said: “It was an opportunistic buy, but a very appealing one because Logica continues to have potential for growth and is a strong tenant.”
DTZ advised Green Properties; Knight Frank represented the vendor.
joanna.bourke@estatesgazette.com
