TR Property Investment Trust has sold an office building in the centre of Slough for £18.5m.

The Trust, which is managed by Thames River Capital, sold the 62,000 sq ft Thames Central building to an unnamed council pension fund.

The sale represents a net initial yield of 5.5%. The building is let to 12 tenants, including software company Micros-Fidelio and bank Svenska Handelsbanken.

TR Property Investment Trust bought the building when it was incomplete and empty in 2005 for £11m. The rental income is £1m a year.

Marcus Phayre-Mudge, deputy fund manager, said he was pleased to have pushed through the sale despite current market conditions .