Patrizia has bought 281 of the flats being built at Huntley Wharf in Reading for an undisclosed sum.
The global investor has acquired Olivers Place, a mix of one, two and three bedroom flats, from developer Berkeley Homes. The properties will now join the town’s growing number of Build-to-Rent schemes.
The fully-fitted units on the banks of the River Kennet will be open to residents in 2024.
Antonio Marin-Bataller, director, pan-European transactions for Patrizia, said: “Our development partner in Berkeley Homes is renowned for its expertise in sustainable placemaking and its hallmark of quality when delivering new homes in the UK.
“Our investment in Olivers Place brings this high standard into our residential portfolio to provide an excellent asset, both for our tenants and our clients, that has the potential to deliver on our overall performance targets for investors.
“Not only does Reading represent a huge opportunity for high specification Build-to-Rent accommodation as the economic capital of Thames Valley; but it is also a major hub for finance and technology firms, has a top 30-ranked university and benefits from strong connections to London, which will only improve next year with the opening of Crossrail.”
CBRE acted for Berkeley Homes. Campbell Gordon and Haslams Estate Agent acted as commercial advisors to Patrizia, while K&L Gates were its legal advisors.
Campbell Gordon director Duncan Campbell said: “This is an exceptional site, part of the regeneration of this quarter of Reading, which is being totally transformed and it will be fantastic to see the redevelopment of Reading Gaol come forward.
“It is a really exciting time for BTR at the moment. Reading is leading the way in the South East with Thames Quarter having completed successfully with letting well under way, Station Hill progressing and the development of Huntley Wharf now adding to the mix.
“There is no other location in the South East, outside of London, which has this diversity of BTR offer. It is commensurate with Reading’s status as an international transport hub.
“The thing that’s compelling is the fundamental strength underpinning the profile of tenants. People want to live and work in Reading to an extent and scale never seen before.”
Mike Shearn, chief operating office at Haslams Estate Agent, said: “Haslams was delighted to have worked in an advisory role on this successful project team. We were able to use our considerable knowledge, experience and insights of the Reading marketplace to put a winning bid together.
“Huntley Wharf is a fantastic site and the product is exceptional as you would expect. Sales there have already set new value benchmarks for Reading and we are confident that Patrizia’s Build-to-Rent offering will be similarly successful.”
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