Pan-European investor M7 Real Estate and funds managed by Oaktree Capital Management have sold their joint venture regional UK office company, Archimedes Real Estate Investment, to Regional REIT for £43.2 mln (€49 mln).
Archimedes owns 17 multi let-office assets, 15 of which are located in England and two in Scotland.
'The sale of Archimedes has been achieved ahead of our business plan capitalising on the demand in the market for strong income-generating portfolios. We are delighted to have completed another successful transaction with Oaktree,' commented John Murnaghan, head of UK Real Estate at M7.
The portfolio contains 206 lettable units, totalling 522,244 ft2 of GLA, which are all self-contained, providing each of the 136 tenants with 'own front door' access.
The current contracted rent for the portfolio is around £3.75 mln (€4.27 mln) per annum.
