Reading: DWS set to sell business park to Tristan for £140m

Tristan Capital Partners is set to buy Reading International Business Park from Germany’s DWS Group for close to £140 million.

DWS recently brought the park to market via Savills seeking upwards of £130m.

Over £1 billion of investment is understood to have been circling the investment with interested parties including Kennedy Wilson, Ares, Och-Ziff Real Estate, Moorfield and Lone Star.

Market sources this week said Tristan has entered pole position for the acquisition.

DWS bought the campus in 2011 from the Arlington Business Parks Partnership. It comprises 406,000 sq ft of offices with an over-riding head lease to Verizon.

It is 56% leased with average breaks of 8.5 years at a rent of around £29 per sq ft. Tenants include Symantec and Investec.

Bray Fox Smith is advising Tristan. Savills is advising DWS. Alchemy Asset Management is understood to be acting as asset manager to Tristan.

Source: CoStar