May 2016 - Costar
Westcore UK has bought the Alpha Building, a 68,000 sq ft office in the centre of Reading, from Aberdeen Asset Management for close to the £12.5m guide price.
Westcore is planning a comprehensive refurbishment of the vacant building at 121 Kings Road and will deliver the space to the leasing market in Q4 2016 / Q1 2017.
Peter Land, Managing Director of Westcore UK, said: “We are pleased to have been able to acquire this high-quality building in the attractive South East office market. We have appointed the professional team and hope to commence refurbishment works as soon as possible.”
Charles Brooke, director of acquisitions, Westcore UK, said: “We continue to search for strategic value add opportunities throughout the United Kingdom and Europe. This is our third UK acquisition in less than twelve months and we hope to continue to grow and develop the platform this year.”
Westcore is a privately-owned commercial property investor and asset manager in the US and in Europe with over $2bn of assets under management. Westcore maintains European offices in London, Geneva, Berlin, and Vienna.
IVG sold the Alpha and the adjoining Beta building to Scottish Widows, now Aberdeen, for £21.7m in 2013, representing a net initial yield of 12%. The property was let for three more years with the sale price equating to £240 per sq ft. Mayfair Capital bought the Beta building earlier this year.
Westcore was advised by Dentons and Cushman & Wakefield. The seller was advised by JLL and CMS. Westcore has appointed Campbell Gordon and Knight Frank to advise on lettings.