Hermes Real Estate completes on Reading office acquisition

Abbey Gardens purchased from PFA Invest for £19m

Article posted: 12 Oct 2011

Hermes Real Estate Investment Management Limited (HREIML), one of the largest real estate managers in the UK with over £5.9 billion* assets under management, has announced the completion of the purchase of Abbey Gardens, Reading, from PFA Invest International A/S for £19 million.

Abbey Gardens offers a total of c.155,000 sq ft of high quality office space in Reading town centre with accommodation split into three blocks. Two of the blocks are currently multi-let to a variety of existing tenants including RBS. The South Block, comprising 77,000 sq ft, is vacant and presents a strong refurbishment opportunity.

Commenting on the deal Chris Taylor, CEO of HREIML said: “Stock selection based upon understanding of how occupiers assess property is part of our DNA. Abbey Gardens is an attractive, strategic investment, which will enable us to deploy our active asset management expertise. Well located in a key commercial catchment, it offers a strong mix of existing income that we can manage, whilst also offering the potential to realise out-performance through the delivery of the South Block refurbishment.”

Montagu Evans acted for HREIML on the deal. Strutt & Parker represented PFA Invest International A/S.

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Posted by Sara