Fidelity fund buys £20m UK property

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The Fidelity UK Real Estate fund has paid £20.5m for an office building in Reading.

The Phoenix building was previously held by the Ediston Property Investment Company, which bought it as part of its seed portfolio in October 2014.

The 52,000 sq ft property is currently lent to four tenants.

Ediston Properties director of investment Calum Bruce says: “The sale of one of the company’s mature assets is in line with the investment strategy and provides us with capital to reinvest in opportunities which are more suited to our intensive style of asset management.”

The Reit has £191.9m under management in 13 properties.