Aldermore Bank plc was established in the midst of the financial crisis in 2009. As a ‘challenger’ bank the firm offers specialist financial solutions to SMEs and savers, as well as mortgages to buy-to-let landlords.
The bank currently occupies 8,039 sq ft inside Apex Plaza on a lease that commenced in 2010. As part of the company’s expansion plans, Aldermore will lease almost 10,500 sq ft of office space. M&G has confirmed that the enlarged office suite will be held until 2020, in keeping with the original 10 year lease and is based on the passing rent of £29.50 / sq ft. The deal has helped the landlord towards reaching full occupancy at the Reading Business Centre.
M&G Real Estate associate director, Aaron Pope said: “We are pleased that Aldermore Bank is expanding within the Apex Plaza which is now almost fully let.”
Mr Pope explained that: “The development underwent an extensive refurbishment in 2010 and is now home to well-known financial brands such as Ernst & Young, HSBC and Osborne Clarke. We continue to see strong tenant demand due to its town centre location and its close proximity to London. Only 4,500 sq ft remains available at the Apex Plaza.”
Earlier this year Michael Page International plc agreed to relocate its Reading staff to Apex Plaza from an office in the nearby Aquis House. The UK-headquartered recruitment agency agreed to rent 5,000 sq ft of Executive Office space within the Plaza.
M&G Investments also incorporates assets from Prudential Assurance, while M&G Real Estate serve are responsible for property investment management.