M7 Real Estate has acquired £70m (€78.2m) of seed assets for a newly created UK retail warehouse fund.

The asset manager said it has launched M7 Real Estate Investment Partners VIII (M7 REIP VIII) and has made an initial acquisition of nine UK retail warehouse assets for £69.9m and is under offer to acquire a further asset for £7.6m.

The seed portfolio is 99% let to 30 tenants and comprises 630,896sqft across 31 units, M7 said.

The assets are located across the UK in Aintree, Blackpool, Castleford, Glasgow, Lowestoft, Nottingham, Pontefract, Wolverhampton, St Helens and Stoke-On-Trent.

Will Hunting, a senior acquisitions manager at M7, said: “These assets are a great starting point for the fund and provide a strong, defensive and diversified income return whilst also offering multiple value-add opportunities.”