AEW has purchased Northgate House on Valpy Street, Reading, for £8m from a private property company.
The real estate investment and asset manager bought the circa 66,000 sq ft building, which is occupied by a government department, on behalf of the AEW UK Core Plus Property Fund.
The acquisition forms part of AEW’s strategic site assembly in the town, adding to its existing ownership of Tangent House and a public house to the rear of Northgate House, creating a highly prominent site in a location lending itself to multiple end uses.
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 on the purchase and ACRE Capital Real Estate and Hatch Real Estate acted for the vendor.
