Lincoln MGT, a development joint venture (JV) between Lincoln Property Company and MGT Investment Management, has secured a £115m senior debt facility from Fiera Real Estate Debt Strategies to refinance a prime office development in Reading, Berkshire.
One Station Hill completed in April 2025 and is over 70% let
Located close to Reading’s main railway station, One Station Hill is a 15-storey, 280,000 sq ft grade-A office scheme that completed in April 2025.
The building is now over 70% let, with five office leases secured. Recent leases have achieved over £55/sq ft, setting a new benchmark for office rents in Reading.
The new three-year facility replaces an existing development loan from BGO, and the JV said it would provide additional capital to support the final phase of leasing at the scheme.
The office building, which also includes 9,500 sq ft of fully let retail space, has achieved EPC ‘A’, BREEAM ‘Outstanding’, WELL ‘Platinum’ and NABERS ‘4.5-star’ ratings.
It forms part of the wider 6.5-acre regeneration of Reading’s Station Hill Estate.
Callum Thorneycroft, managing director at MGT speaking on behalf of the JV, said: “Attracting further institutional capital reflects the quality of One Station Hill and the occupiers that have committed to the building. We look forward to continuing to deliver the quality offering which Station Hill provides, creating a dynamic, collaborative and amenity-rich destination in the heart of one of the UK’s fastest-growing urban economies.”
Richard Howe, managing director and co-head of European real estate debt at Fiera, said: “This financing underlines our conviction in high-quality, well-located assets and experienced sponsorship. One Station Hill is a standout scheme, and we are pleased to support its continued leasing and stabilisation.”
Eastdil advised Lincoln MGT on the financing.
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