Pan-European investor and asset manager M& Real Estate has launched a development business, M7 Developments, focusing principally on schemes in the UK.
The business will be led by current M7 non-executive chairman Hugh Ellingham, who will stand down from the board to focus on his new chief executive role. His replacement at M7 will be announced in the coming days.
M7 Developments will target brownfield, medium-term redevelopment opportunities, combining its present focus on multi-let income producing assets with the opportunity to add value through future regeneration.
'This is a natural progression for M7, building on our expertise in the UK multi-let real estate market and ability to identify value potential through the deployment of often complex asset management initiatives. We remain committed to the UK market and I look forward to working closely with Hugh in developing this business,' said Richard Croft, chief executive of M7 Real Estate.
The group has already executed a number of development schemes, including its current 750,000 ft2 (70,000 m2) phased mixed-use brownfield redevelopment of The Green in Solihull in the West Midlands, a former automotive and aerospace headquarter property.
'After serving on the board of M7 for over four years, I am very pleased to be embarking on the establishment of this new development business,' commented Ellingham.
'There is a compelling opportunity to generate attractive returns through strategic redevelopment in a range of locations across the country, such as our site in the West Midlands, where high quality mixed-use regeneration is sought after, often with an emphasis on the provision of new homes, against a limited supply. We are actively pursuing a pipeline of projects as we focus on growing the business,' Ellingham concluded.