Apartment development acquired in £11.8m deal

Apartment development acquired in £11.8m deal

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

James Ackrill, chairman of Centrick, said:

“At Centrick, we have our finger on the pulse when it comes to identifying high quality investment opportunities across the UK for our clients.  At Blu Bracknell, we quickly identified the value of this investment and saw that it was as an excellent opportunity for LRC Group. A great deal of time and effort on all sides went into getting the deal to completion and I’d like to congratulate everyone involved. We look forward to working with LRC and other property investors going forward.”

Centrick manages several similar residential schemes in the area under both their asset management and building and estate management services, supported by its southern office. The company is always looking for investment opportunities for its clients, and for investors to take advantage of existing opportunities.

Centrick has grown consistently since its inception by successfully prioritising innovation, expertise, and building trusted relationships with its clients to deliver high quality service and results. First opening its doors in 2005, the agency now has over 20,000 properties across the UK on its books and manages over £3 billion in client assets.

The LRC Group is a privately held real estate investment and fund management firm that specialises in structuring and executing value-add impact investments. The group enhances efficiencies through experienced in-house asset and property management teams. LRC’s focus is on real estate impact investments in areas of strong demand and low supply, transforming under-utilised assets as part of a conscientious urban renewal process.