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LONDON-Office developer Akeler has announced a £50 million ($70 million) development in Reading, Berkshire. The company has signed a deal with brewer Scottish & Newcastlefor an 8.3 acre site which has planning permission for up to 365,000sf of offices and a 969-space car park.

The project will be the third phase of Akeler’s Reading Internationalbusiness park. The first two phases were let to MCI Worldcom last year andform part of the company’s three-million sf development programme throughoutBritain and Europe. In the Thames Valley alone Akeler–the European business parks subsidiary of Security Capital–has completed 230,000sf in Marlow and is building 86,000 sf in Bracknell.

Trevor Silver, Akeler’s managing director, says, ‘We are confident in theunderlying strength of the Thames Valley, which is why we are moving forwardwith the latest development phase, which will reinforce ReadingInternational as one of the leading office parks in the UK and Europe.’Completion of the purchase from S&N will be later this year.

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