Morley Properties has bought offices in Bracknell, Berkshire, from Scottish Widows for £26m.
The company bought the properties on behalf of an in-house fund client. The price reflects a net initial yield of 6.25%.
The 6,225m2 (67,000 sq ft) property – known as Building A, The Avenue – is located on Devonshire Way and is occupied by Tektronix (UK) on a 20-year lease at £1.7m pa. The lease has a tenant’s break at year 16 and five-yearly rent reviews.
Strutt &Parker acted for Morley, and Jones Lang LaSalle advised Scottish Widows.
