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US-based Lincoln Property JV spends £70M on London mixed-use site buy

Partners MGT Investment Management and U.S.-based developer Lincoln Property Co. paid about £70 million for the Station Hill development site in Reading, U.K., to Sackville Developments Reading Ltd., CoStar U.K. reported, citing a statement.

The 6.5-acre property has a gross development value of more than £750 million, with outline planning permission for a combined office and residential project.

The purchase is the Lincoln MGT joint venture's first investment in the U.K., the media outlet quoted MGT Managing Director Henry Morris as saying.

Sellers Benson Elliot and Stanhope owned Station Hill through their joint venture, Sackville Developments, after buying a majority stake in the site from Sackville in January 2011.

LSH and Knight Frank advised the buyer on the purchase of the property, which was placed for sale at a £70 million asking price by CBRE in April 2017, the June 11 report noted.