8 Aug 2013
M7 Real Estate sells Peach Street building to Jansons Property
8th August 2013 – VBRi, the balance sheet vehicle of M7 Real Estate, has recently concluded the sale of 74-80 Peach Street and 19,20 & 21 Cross Street, Wokingham to Jansons Property. This property formed part of the UK Active Property Trust of 7 assets which VBRi acquired from InfraRed Capital Partners at the beginning of 2013.
This property is prominently located on the corner of Peach Street and Cross Street, one of the main thoroughfares into Wokingham town centre and provides a mixture of office, retail and residential accommodation on a 0.44 acre site. Jansons are looking to carry out a substantial redevelopment of the site, to create high quality residential and retail accommodation. The sale from M7’s perspective was opportunistic.
Charles Alcock of M7 Real Estate commented “With one of the larger tenants having recently vacated, the disposal of this mixed use property in Wokingham made sense as it no longer fitted with the overall asset profile of the fund”.
Andy Jansons of Jansons commented “This building in Wokingham offers an exciting refurbishment or redevelopment opportunity in line with our acquisition strategy of purchasing property in the Thames Valley. It is a good addition to our portfolio of assets which include Slough, Reading, Wokingham, High Wycombe”
M7 Real Estate were advised by Bidwells and Jansons Property were advised by Trinity Land.