UK real estate investment firm Orchard Street Investment Management has purchased Trade City Reading, a multi-let industrial estate in Reading, Berkshire in the South East of England.
Orchard purchased the property on behalf of wealth management services firm St. James’s Place UK PLC for 15.68 million pounds ($20.1 million), reflecting a net initial yield of 4.70 percent.
The property, developed in Joint Venture by Kier Property and Investec, consists of a newly-developed industrial estate of 12 modern trade units totaling 54,755 square feet across a 2.5-acre site.
Trade City Reading sits within a newly-developed project consisting industrial, retail, leisure and residential property Reading Gateway.