M7 Real Estate, the pan-European investor and asset manager, has made an initial acquisition of nine UK retail warehouse assets for £69.9 mln (€78 mln) and is under offer to acquire a further asset for £7.6 mln for a new fund.
M7 Real Estate Investment Partners VIII (M7 REIP VIII) will target retail warehouse assets in the UK, with a focus on first- and second-generation properties.
'These assets are a great starting point for the fund and provide a strong, defensive and diversified income return whilst also offering multiple value-add opportunities,' said Will Hunting, senior acquisitions manager at M7.
The seed portfolio is 99%-let to 30 tenants and comprises 630,896 ft2 across 31 units.
The assets are located across the UK in Aintree, Blackpool, Castleford, Glasgow, Lowestoft, Nottingham, Pontefract, Wolverhampton, St Helens and Stoke-On-Trent. Tenants include The Range, B&M, Go Outdoors, Matalan and Iceland and the portfolio has a combined weighted average lease term of nine years.