Opportunistic fund manager Starwood and industrial asset manager M7 Real Estate have made a bid for Tamar European Industrial Fund.

Starwood’s ninth global opportunity fund and M7 made the bid through Lux Starlight, a joint venture vehicle in which the latter will become minority a stakeholder.

The offer of £0.38 a share values TEIF at £53.55m (€67.11m).

The two companies began collaborating last year, launching the UK-focused MStar vehicle, which now owns 27 industrial properties.

In Continental Europe, Starwood and M7’s €500m joint venture, MStar Europe, is investing in light industrial real estate assets in Germany, the Netherlands and France.

M7 Real Estate has four offices outside of the UK in Poland, Germany, Denmark and the Netherlands and is opening an office in France. 

The Tamar European Industrial Fund (TEIF) is managed by Patrizia Immobilien, which bought Tamar Capital in late 2012. TEIF last month sold a Swedish property as it nears its exit from the Nordic markets.