Pan-European real estate investor M7 Real Estate has acquired six office and logistics assets, from six vendors, for £22.4 mln (€25 mln).
The deal was struck on behalf of M7 Real Estate Investment Partners VI (M7 REIP VI). M7 said it was reinvesting the proceeds from the sale of a portfolio of UK regional assets to Regional REIT in August 2018 for £31.4 mln.
The assets were acquired for an in-place net initial yield of 10.6% and have limited vacancy but provide significant accessible reversion, M7 said.
'Following the portfolio disposal in the summer, which enabled us to deliver a further portion of original equity back to investors, we are efficiently reinvesting the remaining proceeds in to a selection of assets with both income and capital growth potential,' said Will Hunting, senior acquisitions manager.
'These purchases demonstrate M7’s continuing strategy of driving portfolio value via the aggregation of multiple small cap assets, combined with pro-active asset management once acquired.'
The acquired assets total 1,043,055 ft2 (96,900 m2) and comprise three office properties, located in Liverpool, Stirling and Glasgow, and three logistics assets in Barnsley, Workington and Inverclyde.
