National law firm Shoosmiths has advised McKay Securities plc on the purchase of Station Plaza, Theale, a major office development in the heart of the popular Thames Valley town.
McKay is a real estate investment trust (REIT) specialising in office and industrial property in London and the south-east of England.
Shoosmiths' Thames Valley real estate partner Alan Corcoran and associate George Panteli acted on the acquisition for McKay with support from Aaron Richardson in the firm's planning team, Tom Wilde in tax and Sophie Wilkinson in environment. The simultaneous exchange and completion took place within the agreed timescale of 15 working days of receipt of legal documentation, highlighting the speed of the work by Shoosmiths and the demands of the client.
Shoosmiths' Alan Corcoran said: 'This is the latest in a long line of transactions we have conducted for McKay who have established themselves as a leading REIT acting in the south and south-east of England. Station Plaza enables McKay to enlarge their portfolio with high quality real estate property in the Thames Valley region.'
The freehold acquisition of Station Plaza was from M&G Real Estate for £8.46 million. The development comprises three high quality office buildings totaling 41,646 square feet and is fully let to Nocitra Ltd.
Managing director of McKay, Simon Perkins, said: 'Theale is a popular satellite of Reading, providing a good range of amenities together with excellent road and rail communications. Since the capital raising of £87 million in February, this purchase increases the funds deployed to £63 million. This is our sixth purchase, and we are continuing to assess further acquisitions and portfolio opportunities.'
Shoosmiths' real estate group is one of the largest in the UK. Spread across seven offices and comprising 35 partners and 230 staff in total, it is made up of real estate, construction, planning, property litigation, and environmental specialists.