US group Oaktree Capital Management is joining forces with UK firm M7 Real Estate to create a joint venture which will focus on the acquisition of smaller regional office parks throughout the UK.
US group Oaktree Capital Management is joining forces with UK firm M7 Real Estate to create a joint venture which will focus on the acquisition of smaller regional office parks throughout the UK.
The joint venture, Archimedes Real Estate, has an initial target of £100 mln (€130 mln).
'Our target real estate is the smaller B1 parks that were built between the late eighties and 2000. The units on these parks are almost a hybrid of light industrial and office assets. The units often have their own front doors, are M&E light and occupied by the SME tenant base that we specialise in managing,' commented Richard Croft, M7’s CEO.
The JV has already exchanged on its first asset, a park in Preston acquired from Helical Bar and has further assets under offer in Leeds, Birmingham, Redditch, Livingston and Falkirk, the companies said in a statement.
Archimedes is the companies' second JV following the acquisition of the EHI portfolio in Denmark last year.
