Pan-European investor and asset manager M7 Real Estate has sold a portfolio of 11 retail warehouse assets in the UK to Realty Income.
Financial details were not disclosed.
Ten assets were sold on behalf of M7 Box+I, with the remaining asset disposed of for M7 REIP IX.
The portfolio is spread across the UK, comprising a total area of 481,300 ft2 (44,700 m2), and is fully occupied and diversified by occupier as well as geography. Occupiers include B&Q, B&M and The Range.
Having assembled the portfolio by January 2021, M7 focused on carefully selecting UK retail warehouses, and specifically what M7 calls 'e-warehouses', which benefit from an e-commerce dimension.
M7 said the assets were all in strong locations, situated within attractive retail catchments for both consumers and retailers and suitable for last mile delivery, with potential for future rental and capital growth through active asset management.
David Ebbrell, CEO of M7 Real Estate, commented: 'The sale of Box+I in a relatively short timeframe demonstrates our ability to identify and assemble an attractive portfolio spread across competitive locations.
'We saw an opportunity to benefit from the strength of the investment market and sentiment towards one of the most interesting UK real estate asset classes: e-warehouses.
'After executing on the accumulation and value creation strategies as envisaged in the funds’ business plans, we decided to sell the portfolio.'
