Pan-European investor and asset manager M7 Real Estate has acquired 15 industrial, retail warehouse and office assets in 11 separate deals, on behalf of a UK value-add property joint venture with a fund managed by DE Shaw.
The acquisitions, supported by senior debt financing from Barclays, comprise nine single and multi-let industrial assets across the UK, including Coventry, Oldbury and Glasgow; four retail warehousing schemes in Solihull, Leicester, South Shields and Lowestoft; and two BREEAM Excellent multi-let office properties in Glasgow.
The buildings, which are 98% occupied, comprise a total of 761,200sqft with a weighted average lease term of five years. M7 will act as asset manager for the partnership’s portfolio.
David Ebbrell, chief executive of M7 Real Estate, said: “Over the last few months we have worked closely with the DE Shaw to assemble an attractive portfolio of high-quality regional assets with opportunity for value enhancement.
”Our focus is now on undertaking our property level asset management plans, leveraging our extensive experience in this area and, if the right opportunities arise, further expanding the portfolio.”
Jason Constable, head of real estate at Barclays corporate banking, said: “We have a strong and longstanding relationship with both M7 and the DE Shaw Group and to support them in this financing package, which will accelerate the growth aspirations of the joint venture, was a natural fit for us.
”We continue to closely collaborate with our valued clients as they deliver on their strategies and this facility further underlines our ongoing commitment to the UK real estate sector.”
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