Corum XL, a fund managed by Corum Asset Management, has acquired The Point in Maidenhead from Aegon UK Property Fund for £38.85 million, reflecting a net initial yield of 6.25%.
The prime office scheme, located at 27-29 Market Street in Maidenhead town centre, provides 78,265 sq ft of space and was voted ‘Best Commercial Workspace’ in 2015. It is let to Maersk Line and Sequirus UK with a WAULT of five years.
Within walking distance of the railway station, providing access to the upcoming Elizabeth Line, The Point has a BREEAM rating of ‘Excellent’ and includes two basement levels featuring space for 71 cars, including 20 electric charging points, and 67 cycle storage bays.
Charles Boyes, partner at Gerald Eve, said: “Offering high-quality space and in an excellent location, The Point is one of the region’s leading office schemes, and is a fantastic addition to Corum XL’s portfolio. With shifting occupier dynamics expected to push rents in Maidenhead to £40 per sq ft, it offers excellent reversionary potential and the opportunity for further increases in value through active asset management.”
Philippe Cervesi, Head of Investment at Corum Asset Management, added: “The Point is the newest edition to our portfolio within the UK, which to date has undertaken 24 acquisitions since entering the market in Q2 2018 and now manages more than £435m in the UK. The Point demonstrates a clear example of our continued investment strategy targeting assets with medium to long term income streams backed by quality real estate in markets with short supply.”
Gerald Eve advised Corum XL, while Savills acted on behalf of Aegon UK Property Fund.
