24 Jun 2009
M7 Agrees First JV With Private Equity Backer
24th June 2009 – M7 Real Estate has agreed Heads of Terms with a major private equity backer to set up a Joint Venture to acquire UK multi-let light industrial assets.
Initially the vehicle will have circa £60 million of buying power and is looking to acquire UK assets immediately. The private equity backer has the option to enlarge the vehicle with a further £30 million of equity.
M7’s Chief Executive, Richard Croft, commented “we believe now is the right time to be investing, given current yields and the opportunity to acquire assets that have been undermanaged over the last few years”. M7 expects the program to be fully invested by the end of the year.