M7 Real Estate has acquired ten UK industrial and office assets on behalf of a new separate account mandate for a Middle Eastern sovereign wealth investor.

The pan-European investor and asset manager said it paid £29.9m (€32.6m) in total for the assets located across the UK, which were acquired through six transactions.

The portfolio is 95% let to 59 tenants.

They comprise single and multi-let industrial assets in Tunbridge Wells, Letchworth Garden City, Swindon, Warminster, Barnsley, Seaham and Galashiels, as well as two office assets in Nottingham and East Kilbride.

M7 said the acquisition complete the acquisition period for the UK element of the mandate.

The mandate targets regional, high yielding commercial real estate assets in the UK and continental Europe which generate stable, diversified income streams over the medium term, as well as capital growth potential, it said.

Will Hunting, divisional director – UK acquisitions at M7, said: “Completing the assembly of the UK element of the portfolio marks an important milestone as we focus our attention on deploying the remaining capital.

”It also demonstrates our ability to source multiple small cap assets, which meet the criteria for this strategy and present an opportunity to generate value through active asset management.”