THE town's largest business hub Green Park is in the process of being sold for a reported £500m.

Current owners Oxford Properties have confirmed they are in talks with Singapore-based Mapletree Investments but were reluctant to comment on figures.

Director of the firm Rory Carson said he would not confirm numbers but added the deal is hoped to be completed by next month.

Oxford Properties bought the site back on 2011 for £400m and, according to property site CoStar, could stand to profit by more than £100m.

Speaking to the Chronicle Mr Carson said the company would still retain its position as asset managers at Green Park and that daily operations would remain as they are.

He added: "Day to day nothing will change as far as the companies here are concerned as we are staying on as asset managers and Mapletree's vision and aspirations for Green Park are very similar to what our own have been."

Earlier this month Oxford Properties and its partners saw their expanded masterplan for the site welcomed by Reading Borough Council.

The outline designs could see a further 19 per cent growth in office space on top the 10 to 15 years worth of construction which remains in the pipeline.

Mr Carson said the expansion had nothing to do with the sale of the site but added: "Mapletree are pleased with the fact that we have been able to get that document together and acknowledged by the local authority."

Talks about the deal began late last year and came as Oxford Properties - based in Canada - sought to concentrate its investments back into London and other key European capitals.

Key companies based at the park were also kept informed of the progress but Mr Carson reiterated little would change for those working there.