Residential property development acquired in £11.8m deal



Blu Bracknell
Blu Bracknell

A property investment group has acquired a residential property development in Berkshire for £11.8m.

LRC Group UK has purchased Blu Bracknell, which comprises 53 fully-tenanted studio, one- and two-bedroom apartments, at Wokingham Road, Bracknell.

Senior acquisitions and asset manager at LRC Group UK, Mital Patel, said: “We are very pleased to have completed on this deal, as part of a wider strategy to acquire similar sites throughout the UK for an international fund. Blu Bracknell meets the very specific requirements of the fund, so this is a very successful deal for us.”

Jane Morcom, group business director at Centrick, which introduced the deal to LRC Group, said:

“The acquisition of Blu Bracknell, as part of their wider international investment fund, is a great piece of business by LRC Group. It is a new development of apartments, all of which have tenants, in an excellent location.

“We introduced the deal to LRC Group, who are in the process of building an investment portfolio of rental property. Our team provided all the information required to secure an acceptable offer and facilitated the negotiation.”

 

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