Saudis land Berkshire deal

Saudi Arabia-based Tamer Group is set to acquire an office building in Maidenhead, Berkshire, for around £35m, reflecting a yield of 5.8%.

The manufacturer, which specialises in healthcare, beauty care and luxury products, is under offer to buy Abbott House in Vanwall Business Park from AXA Investment Managers - Real Assets.

Tamer Group is believed to have beaten off competition from four other Middle Eastern investors to land the office, which is let to US pharmaceutical company Abbott Laboratories.

AXA IM - Real Assets bought the freehold for the 76,579 sq ft property from Aviva Investors in 2013 for £29.9m at a 6.6% yield.

Knight Frank is acting for AXA IM - Real Assets. Tamer Group is unrepresented.

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