Reading office sells for £140m

European HQ of Verizon at Reading International Business Park acquired by overseas investors

Article posted: 10 Oct 2011

The Arlington Business Parks Partnership, owned by investment partners Goodman, Legal & General Property, Prudential and Adia, has sold the Berkshire headquarter offices of global communications provider Verizon for £140 million.

An overseas client of RREEF has acquired the offices in Reading International Business Park, which represent phases I and II of the park. ABBP will retain the land earmarked for phase III of the scheme, which will comprise up to 300,000 sq ft of office space in the Thames Valley on completion.

Commenting on the deal, Paul Edwards, Director, Legal & General Property, said: "This sale is consistent with our ongoing strategy of concentrating on providing a good balance of high quality investment assets and development opportunities across the ABPP fund to service the needs of our investors.

“It clearly demonstrates that despite uncertain economic times, there is still good demand from investors for high quality out of town office developments and is a resounding endorsement from an overseas investor as to the strong underlying fundamentals that the Thames Valley offers."

ABPP was advised by Strutt and Parker, DTZ advised RREEF, the real estate investment management business of Deutsche Bank's Asset Management division.

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Posted by Sara