CBREGI sells in Reading

Published:  09 May, 2017

Reading retail park, Oxford Road, Reading sold for £31m

CBRE Global Investors has sold the 118,255-sq ft retail park to show a net initial yield of 6.8 per cent. Located on the western edge of the town, the property comprises of eight retail warehouse units as well as 430 car parking spaces. It is currently fully let to national retailers including Wickes, Halfords and KFC with a WAULT of circa 10 years.

Hannah Marshall, fund manager of the CBRE UKPP said: “It is key that we continue to recycle assets to ensure our portfolio is of the highest quality. In line with our strategy, we continue to invest capital in quality asset and creating value for our investors. As an asset based in a non-core location, it allows us to focus more on acquiring core properties which aligns with our portfolio strategy.”

The disposal reduces the portfolio’s large weighting towards retail warehousing and allows for selective purchases particularly in the industrial and alternatives sectors.

CBRE Global Investors was advised by Cushman & Wakefield.

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