On behalf of a pension fund client, LaSalle Investment Management (LaSalle) has announced the acquisition of Forbury Court, Reading. Forbury Court is a 13,300 ft² Grade A office within close proximity to Reading town center and station. Built in 1990, Forbury Court is currently occupied by Clerical Medical Investment Group, Portman Travel Ltd, Adeptra Ltd, and Northern Venture Managers Ltd with an average unexpired lease of 5.75 years.
LaSalle, advised by Strutt and Parker, acquired the asset for £3 million reflecting a net initial yield of 8%.
Justin Brown, Investment Manager for the pension fund said "This acquisition represents the start of our investment period for the Fund for whom we are actively seeking opportunities across all sectors. It is our intention to fully commit the monies of the pension fund to the UK commercial property sector over the next year".
LaSalle manages £5.4 billion worth of assets in the UK for separate account and commingled fund clients. This new acquisition contributes to over £1.6 billion worth of transactions LaSalle has completed on behalf of these clients in the last 12 months.