Industrials REIT, the UK multi-let industrial (“MLI”) property company, announces that it has completed the sale of Rose Kiln Court, Reading for a total consideration of £5.88 million. The sale price represents a £0.135 million or 2.2% discount to the 31 March 2022 valuation of £6.015 million.
The property, which comprises 31,687 sq ft of hybrid office/industrial accommodation on a 1.88 acre site, is currently vacant following the expiry of a lease across the entire building to Thames Water in April 2022. Rose Kiln Court is located close to Reading town centre and presents an attractive repositioning and redevelopment opportunity for a variety of commercial and residential uses.
Will Lutton, Head of Investment at Industrials REIT, commented: “This sale represented an opportunity to recycle the proceeds from a single let asset at the end of its economic life into further accretive MLI opportunities that fit our strict investment criteria.”
Industrials REIT was represented by JLL on the transaction.
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