Maya Capital LLP, a specialist real estate investment firm, announces that it has completed the disposal of 160-163 Friar Street, an office building in Reading, to a domestic buyer.
In May 2016, Maya Capital announced it had achieved a 43% rental increase for the main tenant of the building for a lease ending in 2024, with rent standing at around €318 per m² (£25 per ft²). The agreed sale for €13.2m (£11.2m) represents a net initial yield of 6.08%. The building was acquired by Maya Capital in 2014 in partnership with Helios Capital Ltd.
David Pralong, Managing Partner of Maya Capital, commented: “We are delighted to announce the successful completion of this sale, which realises a strong return for Maya Capital’s investors on their initial investment. This transaction provides further evidence of our successful strategy to focus on high quality assets outside of the M25, where investor interest for regional, long-lease commercial real estate is holding firm, despite the recent EU referendum. At the same time, we continue to see attractive acquisition opportunities for short-term let assets at discounted pricing levels, particularly post Brexit, which will help us to continue generating healthy returns on capital deployed.” Maya Capital LLP was advised by Savills on this transaction.
