7 Nov 2016
M7 acquires £13.1 million mixed use Portfolio in north of England
M7 Real Estate, the pan-European real estate investor and asset manager, announces that it has acquired a portfolio of assets in the north of England £13.1 million reflecting a blended Net Initial Yield of 9%. The assets, which were acquired in two transactions from separate vendors, are 100% occupied and produce a combined passing rent of £1.3 million per annum.
The assets total four mixed use properties across 401,310 sq ft, split as follows:
• the 32,410 sq ft bingo hall on Crompton Street in Wigan, which is fully let to Gala Bingo;
• the 34,000 sq ft Whitney Court office scheme in Oldham let to Oldham Borough Council;
• the 52,300 sq ft Sett End Road West Unit G on multi-unit industrial estate in Blackburn which is let to Bright Blue Foods; and
• the 282,600 sq ft Carlton Industrial Estate, Barnsley which is fully let to EXPO Logistics Ltd.
John Murnaghan, Head of UK at M7 Real Estate, commented: “These assets offer strong income profiles and a broad spectrum of opportunity through both their diversity by way of sector and their location in growth areas in the north of England, and demonstrate our ability to source attractive opportunities where we can add value.”