Berkshire apartment development acquired in £11.8m deal brokered by Centrick

A leading international real estate investment group has acquired a Berkshire development of apartments in an £11.8 million deal brokered by property company Centrick.

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

Birmingham-based Centrick introduced the deal to LRC Group and led the negotiations to a successful conclusion, said Centrick group business director Jane Morcom.

“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,” said Jane.

“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.”

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.”