M7 Real Estate (“M7”) the pan-European investor and asset manager, announces that it has completed the acquisition of three UK retail warehouse assets on behalf of M7 Real Estate Investment Partners V (“REIP V” or the “Fund”), for £18.4 million in three separate transactions.
The assets, which comprise a total of c.138,515 sq ft, are located across the UK in Swansea, Hull and Birmingham. They are let to tenants including B&M, Wickes, Iceland and Poundland with a combined WALT of 8.7 years and an ERV of £1.6 million per annum.
M7 REIP V’s portfolio now comprises 33 assets with a total value in excess of £150 million across 1.96 million sq ft with a WALT of 4.65 years.
The purchases continue M7’s strategy of acquiring low rent, low capital value retail warehousing in strategic locations, with the potential to add value through active asset management.
Will Hunting, Divisional Director – UK acquisitions, commented: “These acquisitions utilise the proceeds from the recent disposal of Becketts House and are in line with our strategy of opportunistically divesting of assets and recycling capital into opportunities that are accretive to the Fund’s income profile. These assets also continue our theme of acquiring credit diversified, medium to long term income streams which offer multiple value-add initiatives.
“We continue to target the UK retail warehouse sector, where we are seeing interesting opportunities for assets at the right pricing level.”
M7 Real Estate Ltd is a pan-European investor and asset manager specialised in multi-let real estate. M7’s team consists of over 220 staff operating across a platform spanning 13 countries comprising the UK, Croatia, Czech Republic, Denmark, Finland, France, Germany, Hungary, Luxembourg, the Netherlands, Poland, Portugal and Slovakia.
Established in 2009 and wholly owned by its senior managers, M7 manages a portfolio of c.800 assets comprising 65 million sq ft of GLA with a capital value in excess of €4.7 billion.
M7 acts as an investment and asset manager to a series of funds that it has established and in which it co-invests alongside a large number of family office, high net worth and institutional investors. In addition, M7 also has a number of separate account mandates where it acts as a third party asset manager for the portfolios of institutional, family office and high net worth investors including M&G Investments and MIRA. M7 also enters into joint ventures and currently has one with private equity firm H.I.G. Capital.
Source : M7