UK REIT, British Land, has acquired a trio of retail warehouses covering 270,000 ft2 from M7’s Box+ II fund for £45 mln (€52 mln).
Savills advised M7.
The portfolio consists of St David’s Retail Park, Bangor, Queens Drive Retail Park, Kilmarnock and Enham Arch Retail Park, Andover with a blended WALT of over 5 years.
M7 acquired the assets in 2020 with potential for future rental and capital growth. Since then, the company has re-geared a number of leases with key tenants and leased vacancy improving the income profile and WALT.
M7 currently has over 2m ft2 of retail warehouses that is said were well placed for further asset management initiatives.
John Pow, MD, said: ‘This transaction marks the conclusion of our asset management strategy for these assets and generates a solid return for our investors. The sale allows the fund to return equity back to investors whilst we continue to work through the asset management strategy for the remaining four assets.’
‘The retail warehousing sector continues to perform well and remains highly attractive to investors and occupiers.’
