Mckay Securities acquires office space from Hermes Real Estate

28th May 2014 07:50

Real estate investment group Mckay Securities announced it has acquired an office facility in 9 Greyfriars Road, from Hermes Real Estate for £5.8m.The building, located in Reading South East England, is close to the main line railway station and will soon be experiencing cross rail and a major redevelopments, which is expected to enhance the attraction of the area occupiers.The property, which was built in 1989, was previously occupied by a single tenant on a 25-year lease. The firm has planned a full refurbishment to improve the external appearance and to provide business space by summer 2015. The company raised capital of £87m in February. The acquisition increases its funds used on acquisitions to £45m. This is the group's fourth purchase as it continues "to assess further acquisitions and portfolio opportunities".Managing Director Simon Perkins said: "This welcome acquisition provides us with the opportunity to deliver an office refurbishment to the market close to Reading Station ahead of larger proposed schemes in 2015. "The completed refurbishment will compete favourably with other buildings due to its quality. It will provide single flexible floors of circa 10,000 sq ft and is the only self-contained building of this quality in this location." As of 08:13 the share price had dropped 0.6% to 217p.WS