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17/10/2014

Kier Property And Investec SPF Announce Joint Venture

An equity joint venture (JV) has been agreed by Kier Property and Investec Structured Property Finance (Investec SPF) to buy and fund the 20.5 acre 'Reading Gateway' site.

Located on the A33, the site benefits from existing planning consent for 425,000sq ft of distribution and is also allocated in the local plan for mixed-uses including residential, commercial, leisure and small scale retail.

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Kier proposes to develop a comprehensive mixed-use scheme comprising approximately 250 new homes of mixed tenure on 11 acres, and a hotel and light industrial, trade counter space on the front nine acres. The completed scheme is expected to have an end value in the region of £75m.

(CD/MH)

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