Reading: Landmark office building set to change hands

Oval Real Estate is set to acquire one of Reading’s landmark buildings from M&G Real Estate for around £43 million.

Market sources said Oval has seen off bids from a number of parties including Ares for the 104,000 sq R+ development in the centre of the Berkshire town.

Knight Frank has been advising M&G on the sale with CBRE Global Investors thought to have been in serious talks about an acquisition earlier in the year.

Oval Real Estate completed its acquisition of No. 1 Colmore Square, one of Birmingham’s trophy office assets, for around £87m from LGIM Real Assets’ UK Property Fund, in August.

Source: CoStar