JV acquires string of industrial assets
Seven industrial and warehouse assets have been acquired across the UK, on behalf of a JV targeting “value-add real estate”.
The assets in Coventry, Manchester, Newcastle-upon-Tyne and Basildon have been purchased by M7 Real Estate on behalf of a JV with a fund managed by global investment and technology development firm – D. E. Shaw group.
The acquisitions comprise of two multi-tenant light industrial assets and five single-tenant warehouses with a total floor area of 465,000 sq ft.
These transactions grow the portfolio to 22 office, logistics, light industrial and retail parks totalling 1.2m square feet.
M7 acts the asset manager for the JV’s portfolio, which is 98% occupied and will continue to enhance the portfolio, including negotiation of outstanding and upcoming lease events, as well as let up of vacancy.
Miles Chuter, senior acquisitions manager of M7 Real Estate said “Despite the macro-economic headwinds, we believe that these well located regional assets provide an exciting mix of long-term income and opportunity to create value through asset management initiatives.
“These latest transactions demonstrate the strength of our working relationship with the D. E. Shaw group and we are now focused on executing our business plan and further expanding the portfolio, if the right opportunities arise.”
M7 was advised by DTRE, Addleshaw Goddard LLP, Hollis and Nova-Ambiente.
