Maya Capital LLP, a specialist real estate investment firm, announces that it has completed the disposal of 160-163 Friar Street, an office building in Reading, to a domestic buyer.
In May 2016, Maya Capital announced it had achieved a 43% rental increase for the main tenant of the building for a lease ending in 2024, with rent standing at c.£25 per sq. ft. The agreed sale for £11.2 million represents a net initial yield of 6.08%. The building was acquired by Maya Capital in 2014 in partnership with Helios Capital Ltd.
David Pralong, Managing Partner of Maya Capital, commented:
“We are delighted to announce the successful completion of this sale, which realises a strong return for Maya Capital’s investors on their initial investment. This transaction provides further evidence of our successful strategy to focus on high quality assets outside of the M25, where investor interest for regional, long-lease commercial real estate is holding firm, despite the recent EU referendum. At the same time, we continue to see attractive acquisition opportunities for short-term let assets at discounted pricing levels, particularly post Brexit, which will help us to continue generating healthy returns on capital deployed.”
Maya Capital LLP was advised by Savills on this transaction.
Press contacts
For further information, please contact:
Justin Griffiths / Mazar Masud
Powerscourt
T: +44 20 7250 1446
E: mayacap@powerscourt-group.com
Notes to Editors:
About Maya Capital:
Maya Capital is a pan-European real estate investment firm that elaborates dedicated niche investment strategies for its investors. Maya Capital has an entrepreneurial and hands-on approach, driven directly by the strong involvement of its principals. Over the last few years, Maya has deployed c.£165m of capital in UK regional commercial assets. Maya focuses on sophisticated strategies, and in value creating initiatives including asset repositioning, financial structuring and intensive asset and property management. Maya seeks opportunities resulting from special situations such as short leases, capex intensive assets or time-constrained purchases.
Managing Partner David Pralong who has an extensive track record in real estate having been involved in over £2 billion worth of deals during his career in Real Estate. Maya focuses on sophisticated strategies, going in value creating initiatives including asset repositioning, financial structuring, property development and intensive asset and property management. Maya applies a dynamic approach and seeks opportunities resulting from special situations such as short leases or time-constrained purchases.
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