Strutt & Parker has acquired the IQ Winnersh Business Park in Reading for a joint venture between Oaktree Capital Management and Patriaza from SEGRO for £245.1m in cash, representing a 7.4% net initial yield.

IQ Winnersh is a 1.3m sq ft (118,200 sq m) mixed use suburban office and light industrial business park which has been developed over the past 40 years, predominantly by SEGRO, and is located close to junction 10 of the M4, near Reading.

Following the letting of 36,597 sq ft at the newly refurbished E2 office building, announced in April, it has a vacancy rate of 7.5%; the sale also includes four hectares of adjacent development land.

This is the largest single transaction that has taken place in the South East market since late 2011.

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