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Investec Structured Property Finance (Investec SPF), a lender of development and investment finance for commercial, residential and mixed-use schemes, and Kier Property, the development arm of the Kier Group, have agreed a joint equity venture to fund the 20.5 acre ‘Reading Gateway’ site.
 
The site, which is located on the A33, close to junction 11 of the M4, already has planning permission 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.
 
The partnership between Kier Property and Investec SPF was established earlier this year to progress Kier Property’s trade counter, light industrial brand ‘Trade City’ (www.trade-city.co.uk).
 
Kier Property plans to create a comprehensive mixed-use scheme including roughly 250 new homes of mixed tenure on 11 acres of the site, plus a hotel and light industrial, trade counter space on the front nine acres. Once completed, the scheme is anticipated to have an end value of around £75m. 
 
“We are delighted to be in a position where we can announce the purchase of this site,” Leigh Thomas, director for Kier Property, said. “Our team, advised by Haslams’ Reading office, has worked extremely hard to make this deal happen and we are very proud to finally confirm this site purchase. We plan to progress very quickly and will be submitting planning in early January, with a view to start in the summer of 2015.”
 
Hayley Adams, of Investec Structured Finance, said: “The Reading deal is a great opportunity for Investec to partner with and support Kier once again. The site has significant potential and all parties worked together to successfully complete this transaction within a short timeframe. The deal highlights that we are committed to funding high quality sites, with well-respected and experienced real estate developers.”
 
 

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