Aberdeen Asset Management fund Reading Gateway site from Kier
ESH provided advise to Aberdeen Asset Management on their forward funding of the 80% pre-let Reading Gateway site in Reading.
The 109,000 sq ft mixed-use gateway scheme secured a number of significant pre-lets including a 120 bed Premier Inn & Beefeater Restaurant, a 20,000 sq ft Toys R Us, a 20,000 sq ft Wren Living, a Costa drive through unit and a drive through Burger King restaurant.
The investment provides a WAULT of 16.5 years and 48% of income is subject to indexed linked uplifts. The scheme also includes two vacant retail units of 6,000 sq ft and 8,500 sq ft which are being marketed by joint agents Lambert Smith Hampton and Edgerley Simpson Howe.
The development is scheduled to reach practical completion in September 2018 and will provide a significant retail and leisure experience, in a prominent location adjacent to Junction 11 of M4 and in close proximity to Green Park and The Madjeski Stadium.
There will also be two future phases on the Reading Gateway site, which do not form part of the forward funding. These phases consist of two car showrooms and a 12 unit trade counter scheme which will be delivered under Kier’s Trade City brand.