RREEF Real Estate has bought Reading International Business Park in the UK for £140.5 million (€163 million; $217 million) on behalf of an Asian pension fund, it announced this morning.
James Petit, head of RREEF Real Estate in the UK, said in a statement that the firm’s core clients around the world had a “strong appetite” for well-located assets across London and the South East.
Reading International Business Park is a freehold, Grade A office development completed in 2001 on Junction 11 of the M4 motorway. It serves as the European headquarters of US telecommunications company, Verizon Communications Inc., and is fully let in two separate leases with an average length of 10 years.
Though the firm did not disclose the identity of the Asia client, it is believed to be from Malaysia.
Last year, RREEF won mandates from Malaysia’s Employees Provident Fund and its KWAP Provident/Pension Fund.