• Swindon & Wiltshire Property
• Tuesday April 16 2024
• Author Name: Peter Davison

AEW acquires Reading office block for £8 million

Real estate investment and management company AEW has acquired a prominent Reading town centre office building for £8 million.

Northgate House on Valpy Street is a 66,000 sq ft town centre office building which is arranged over basement, ground and seven upper floors and is occupied by the government’s Department for Environment Food Rural Affairs.

The acquisition forms part of AEW’s site assembly, adding to its existing ownership of Tangent House and a public house to the rear of Northgate House.

Michael Shears, executive director at AEW, said: “The acquisition of Northgate House is in line with the Fund’s investment strategy of acquiring assets in core locations which are underpinned by long-term, strong capital values with optionality in viable end use.

“Northgate House sits on a gateway site in Reading town centre in a market with limited new delivery of Grade A office space.”

Tudor Real Estate represented AEW whilst ACRE Capital Real Estate and Hatch Real Estate acted for the vendor.

“The property received a lot of interest through the changes in permitted development rights, but ultimately sold to an adjoining landowner who is repositioning the assets within their portfolio,” said a spokesperson for ACRE.