A property investment group has extended its presence with the acquisition of a development in Berkshire for £11.8million.
LRC Group UK has purchased Blu Bracknell, which comprises 53 fully let studio, one and two bedroom apartments, in Wokingham Road, Bracknell.
The deal is part of a broader growth strategy for the company.
Property specialist Centrick presented the acquisition to the LRC Group and led the negotiations.
Mital Patel, Head of Acquisitions and Asset Manager at LRC Group UK, said: “We are very pleased to have entered into this agreement as part of a wider strategy to acquire similar sites across the UK. United for an international fund.
“Blu Bracknell meets the fund’s very specific requirements, so this is a very successful transaction for us.”
Jane Morcom, Centrick Group Chief Commercial Officer, added: “The acquisition of Blu Bracknell, as part of their wider international investment fund, is an excellent deal for the LRC Group.
“This is a new development of apartments, all of which have tenants, in a great location.
“We presented the deal to the LRC Group, who are in the process of building a rental property investment portfolio. Our team provided all the information necessary to ensure an acceptable offer and facilitated the negotiation.”
Centrick manages several similar residential projects in the area as part of its asset management and real estate and property management services, supported by its southern office.