Berkshire: Maya sells Reading offices
Maya Capital, a specialist real estate investment firm, has sold 160-163 Friar Street, an office building in Reading, to an undisclosed domestic buyer for £11.2 million.
In May 2016, Maya Capital announced it had achieved a 43% rental increase for the main tenant of the building for a lease ending in 2024, with rent standing at circa £25 per sq ft. The agreed sale for £11.2m represents a net initial yield of 6.08%. The building was acquired by Maya Capital in 2014 in partnership with Helios Capital.
David Pralong, managing partner of Maya Capital, said: "We are delighted to announce the successful completion of this sale, which realises a strong return for Maya Capital's investors on their initial investment.
"This transaction provides further evidence of our successful strategy to focus on high-quality assets outside of the M25, where investor interest for regional, long-lease commercial real estate is holding firm, despite the recent EU referendum.
"At the same time, we continue to see attractive acquisition opportunities for short-term let assets at discounted pricing levels, particularly post Brexit, which will help us to continue generating healthy returns on capital deployed."
Maya Capital was advised by Savills.
Credit: CoStar
