Wrenbridge and Fiera Real Estate have purchased the former Wood offices at Shinfield Park, Reading, in an off-market deal with a view to converting the site into logistics space.
The joint venture partners intend to replace the 285,000 sq ft of office space with a circa £75m GDV, 225,000 sq ft logistics development comprising six units.
The BREEAM Excellent and EPC A+ rated units will range from 20,000 sq ft to 88,000 sq ft.
Chris Button, head of investment management at Fiera Real Estate, said: “This project will showcase the power of combining institutional capital prepared to undertake speculative development with the entrepreneurial flair and technical know-how of Wrenbridge”
Ben Coles, chief executive of Wrenbridge, added: “We are delighted to have completed another prime logistics acquisition backed by Fiera. Another brilliant location that we believe will attract occupiers out of London to pay some sensible rents. It’s another piece of the jigsaw puzzle for prime sites we are purchasing that wrap around North, East and West London outside the M25. We are keen for more opportunities.”
