Europa Capital and M7 Real Estate have formed their second joint venture to acquire logistics assets in the UK.
Europa Capital and M7 Real Estate have formed their second joint venture to acquire logistics assets in the UK.
Europa Capital is acting on the behalf of Europa Fund IV.
The joint venture has acquired 18 multi-let light industrial estates for a total of £37 mln (€43 mln), reflecting a net initial yield of circa 12% and a reversionary yield of over 14%.
The vendors included the Industrial Trust, the Pritchard Group, Helical Bar and Hermes.
The assets comprise estates in Newton Aycliffe, Hull, Telford, Cannock and East Kilbride. The portfolio consists of 258 units across the 18 estates and provides over 150,000 m2 of predominantly industrial accommodation. The portfolio is currently let to over 150 tenants.
Europa Capital and M7 had previously created the Light Industrial Property Partnership, which, between 2010 and 2012, acquired 32 estates, with a total investment of over £95 mln.
