Australia’s largest bank, Macquarie Bank Ltd., has bought two U.K. business parks for a total consideration of $276 million.
The two assets — one located west of London, the other outside of Glasgow in Scotland — will be 85% owned by Macquarie through a joint venture. U.K. development firm Akeler will hold the remaining 15% stake. Macquarie plans to jointly manage both properties with Akeler.
The 104,418 sq. ft. Reading International Business Park, located outside of London, is fully leased. The second property to the north, Central Quay, has roughly 22,107 sq. ft. of office space, which also is fully leased.