Wednesday, 18 March 2015
CBRE Global Investors enters into joint venture with Boultbee Brooks Real Estate (UK)
CBRE Global Investors, on behalf of a client, has entered into a joint venture with Boultbee Brooks Real Estate to fully refurbish and re-let Kings House, 33 Kings Road, Reading. Boultbee Brooks Real Estate bought the seven storey office building in March 2014 for £8.6 mlnRohg (€12.3 mln) and CBRE Global Investors has committed over £20 mln (€27.8 mln) to refurbish the asset.
The completed building will extend to 92,238 ft² (8,547 m²) net internal area providing an additional 23,000 ft² (2,136 m²) over the existing.
Ian Wilson, Director, CBRE Global Investors commented: “We can see the potential this building has following the extensive refurbishment we have planned and have joined forces with an experienced developer to see this project through.”
Roger James, Development Director of Boultbee Brooks Real Estate commented: “We are delighted to be undertaking such an exciting project with CBRE Global Investors and their client and are confident the product we will be delivering will be very well received in the market”
Source: CBRE Global Investors