Forsters advise on development and sale of urban logistics asset in Reading
Forsters has advised Rockspring Property Investment Managers LLP, a Patrizia company, on behalf of Rockspring TransEuropean Property Limited Partnership V (“TEP V”), in conjunction with its development partner Peel Logistics Property, in relation to the development and sale of the 256,000 sq ft Island Road logistics development in Reading. The asset was sold to a client of LaSalle Investment Management for a purchase price of £59.5 million.
The site was acquired by TEP V in 2014 and speculatively developed, with the three unit scheme reaching completion in May 2017. Unit B, comprising 73,000 sq ft, is let to catalogue retailer Argos. The 56,000 sq ft Unit C is let on a 10 year term to Universal Electrical Corporation; an industry leader in systems solutions for power distribution and management. The remaining unit is currently vacant.
Commercial Real Estate partner, Eugene McMahon, advised on the development of the site with partner Victoria Towers acting on the sale. Senior associate Laura Williamson assisted throughout.