Member Article

Thames Valley offices snapped up for £40m from Deutsche Bank

Investment group Palm Capital has completed the acquisition of two formerly Deutsche Bank-owned office buildings in Reading and Swindon for a fee in excess of £40m.

The deal will see Palm Capital take possession of 420 Thames Valley Park, Reading, and Whitehill House, Swindon from Deutsche Bank’s asset management arm.

Both properties are fully let, with the 75,000 sq ft office in Reading currently home to OpenText and Websense; while the 105,000 sq ft premises in Swindon currently house BNP Paribas subsidiary Arval.

Noel Lander, director, South East office investment at JLL, who acted on behalf of Palm Capital in the deal, said: “These two headquarter buildings complement Palm Capital’s growing portfolio and provide an opportunity to enhance the income profile through strategic asset management and reversionary rent potential”.

Reda Khatim, managing partner at Palm Capital, added: “The transaction continued the company’s acquisition strategy in the UK as we look to further expand our portfolio in 2016.”