Aviva Investors have purchased The Enterprise Centre, Reading for c. £25m on behalf of their Lime Property Fund. Advised by Hanover Green, the purchaser secured the asset in an off market transaction from the private syndicate vendor who had funded the building as a pre-let in 2010. Let to Reading University for a further 22 years, the offices are utilised as an incubator for small businesses, often related to the University or its alumni. The building provides over 50,000 sq ft of high quality office accommodation. The passing rent equates to c.£22 psf and initial yield was c. 4.75%.
Renos Booth, Fund manager of Lime commented “This represents another example of our ability to act quickly to secure high quality assets for the fund and extends our track record of doing off market transactions where our advisors have found suitable long, secure income assets with RPI reviews.”
Hanover Green acted for Aviva.