M7 Real Estate is planning to buy the Bridgewater Place office building in northern England in an £84.5m (€93m) deal and float the asset on UK’s International Property Securities Exchange (IPSX).
M7 said the acquisition is subject to a capital raise and listing on the property exchange, and is expected to be the second company to admit its shares to trading on IPSX early next year. Bridgewater Place, the tallest building in Yorkshire, comprises 234,000sqft of grade office space and is 92.6% let.
In October, M7 announced plans to list Mailbox REIT, which will own a single mixed-use complex in Birmingham.
Richard Croft, executive chairman of M7 Real Estate, said: “Bridgewater Place is a flagship regional office which is characterised by a strong rental income from a number of multinational blue-chip tenants and high collection rates throughout the pandemic, as well as the potential to grow income through asset management.
“Leeds, as with many of the UK’s regional cities, continues to experience a severely constrained supply of quality office space and growing demand. Like the Mailbox in Birmingham, we believe Bridgewater Place offers a compelling investment opportunity to investors and we are currently preparing for a potential listing of this prime office property the on the IPSX stock exchange.”
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