Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, has acquired Station Hill in central Reading.
Lincoln MGT has bought it from Sackville Developments Reading Ltd, a joint venture between Stanhope and Benson Elliot.
The circa 260,000 m2 development site is situated directly in front of the main entrance to Reading Railway Station. It is one of the largest development schemes outside of London and has a gross development value (GDV) exceeding £750 mln (circa €850 mln).
Henry Morris, managing director at MGT Investment Management, commented: ‘We are delighted to have secured this outstanding mixed-use development site, which is the first investment for Lincoln MGT in the UK.’
'The site occupies an exceptional location next to Reading station, which has benefitted from a massive infrastructure improvement in recent years with the station’s redevelopment and the expected delivery of Crossrail’s Elizabeth line in December 2019,’ said Troy Javaher, managing director of the European operations at Lincoln Property Company.
‘We understand the strategic importance of this infill development to Reading’s continued economic growth, and we look forward to working with the council, the local community and other stakeholders to bring forward an outstanding mixed-use development,’ Javaher concluded.
David Camp, chief executive of Stanhope, said: ‘We have worked very effectively and closely with Reading Borough Council over many years to ensure that the redevelopment brings forward the maximum benefits of regeneration to the area around the station and we are delighted that it is in safe hands with the new owners to deliver this fantastic scheme for Reading.’
James Jakeman, partner at Benson Elliot, added: ‘It has been an exciting undertaking to be involved with and having accomplished our objectives against the backdrop of a strengthening local market and beneficial large-scale infrastructure projects, we are now in a position to hand the site over for its next phase and to crystallize value on behalf of our investors.’
Lincoln MGT was advised by LSH and Knight Frank. The vendor was represented by CBRE.