European fund manager Forma Real Estate has acquired 64,000 sq ft One Valpy in Reading from abrdn.
The multi-let building was substantially refurbished in 2014 by Brockton and Landid and currently has 11 occupiers including Grant Thornton, Mott McDonald and Bullitt Group. Around 6,500 sq ft is vacant.
The purchase price has not been disclosed but the building had been marketed for £27.6 million. Forma sees strong demand for the sizes of space available at One Valpy which is close to Reading Station and has views over Forbury Gardens.
Chris Taylor, UK chief executive for Forma, said: “Valpy is a high quality prime CBD office providing floor plates of 3,000 to 8,000 sq ft, the most active part of the Reading office market.
“Going forward we believe there will be significant occupational demand from tenants, especially SMEs, seeking fully fitted and ready-to-use office accommodation, and this will form a key component of our business plan for the asset going forward.
“Valpy is our third acquisition in the UK and, notwithstanding the challenges currently in the market, we are actively seeking to grow the portfolio over the coming months.”
Forma was advised by Hollis Hockley. JLL advised abrdn.
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