Reading Bridge House has been acquired by Vintage Capital (No.3), a Topland Group associated company, for circa €40.8m (£35m). The 115,000ft² multi-let office building has an average weighted unexpired lease-term of six years. The building is spread over nine floors, with the largest tenant being Capita.
Sol Zakay, chairman of Topland Group, said: "This is another good achievement for the Group."
The building, which sits directly opposite reading train station which will soon serve as a Crossrail station, is let off an average of £24 per/ft².
Mark Kingston, managing director of Topland Group, said: "The building has many asset management opportunities where value can be added. It is let off sensible rents and there is 15% vacancy in the building which presents a chance to set new benchmark rents.“Crossrail will only enhance the demand for the building and we are delighted to have secured the deal at a point in the cycle where good value is difficult to find.”
Savills acted for M&G the seller and Strutt & Parker acted for the buyer on the acquisition.
