Theale: Tech group acquires HQ office building

Smart home technology group Loxone UK has bought a 10,000 sq ft headquarters office building at The Forum, Theale, Reading for its own occupation.

The building, located opposite Theale Station and close to Theale High Street, occupies a prominent site of 0.52 acres.

Austrian-based Loxone appointed RARE last December to secure a freehold headquarters for its expanding UK business which will be moving from the nearby Theale Lakes development where it has been based for the past four years.

The building was bought from a private US company advised by JLL for an undisclosed price.

Jonathan Mannings of RARE:Find, said: “We have been working with Loxone now for a number of years having acquired their existing premises and were delighted to have been able to secure their new UK HQ at The Forum, Theale. Our client was particularly keen to secure a freehold building which is not easy when searching such a specific geographical area.

“Having considered properties as far afield as Bracknell and Winnersh, we were delighted to identify this opportunity which had previously been under offer to an investor purchaser. However, the earlier deal fell through at the start of this year. This was a very quick deal, only delayed slightly by the complications presented by the current Coronavirus lockdown but we worked closely with our clients’ solicitors to ensure the deal completed successfully.”

RARE:Find specialises in identifying and acquiring both freehold and leasehold properties nationally on behalf of occupier clients. The Loxone acquisition follows the recent acquisition of a brand new 60,000 sq ft warehouse facility in Reading on behalf of UEC of Pittsburgh.

The company is also advising a central London occupier on the identification of a new 130,000 sq ft office facility in the Thames Valley and has recently reported on available and forthcoming opportunities.

Source: CoStar