M7 Real Estate has completed the acquisition of The Green, a 19-hectare regeneration project in the English West Midlands town of Solihull from M&G Real Estate for £38.27 mln (€52 mln).
M7 Real Estate has completed the acquisition of The Green, a 19-hectare regeneration project in the English West Midlands town of Solihull from M&G Real Estate for £38.27 mln (€52 mln).
M7 has acquired the site on behalf of M7 Real Estate Investment Partners IV (M7 REIP IV), a newly formed Jersey-based fund which it advises.
M7 REIP IV has raised £10.7 mln from a mix of institutional, family office and high-net-worth investors, with £2.35 mln of co-investment by M7. In addition the purchase was part funded through the issue of a £10.7 mln five-year bond.
The Green’s asset management and development programme will be led by Hugh Ellingham, M7’s chairman, together with Planning director, Ben Hooton and new Development director, Giles Walter.
'This is a significant acquisition for M7 as it represents our first major brownfield regeneration project and will allow us to fully utilise our team’s planning and development skills. While The Green already produces a healthy level of income from the existing buildings, it also offers further upside through the existing outline and detailed planning consents and our confidence in its potential is underlined by our co-investment in the project,' said chairman Hugh Ellingham.
GVA acted for M&G Real Estate and DTZ acted for M7 Real Estate Investment Partners IV.
