17 Aug 2018
M7 Real Estate sells REIP VI portfolio to Regional REIT for £31.4 million
London, 17 August 2018 – M7 Real Estate, the pan-European real estate investor and asset manager, announces that, on behalf of M7 Real Estate Investment Partners VI (“M7 REIP VI”), it has disposed of a portfolio of UK regional assets to Regional REIT, the UK regional office and industrial property focused real estate investment trust, for £31.4 million.
The portfolio consists of seven regional office assets and one mixed use asset, located in Lincoln, Ipswich, Stockton-on-Tees, Wakefield, Deeside, Clevedon, High Wycombe and Hull. The portfolio has a total area of 277,280 sq ft across 47 lettable units, which are 92% let to 24 tenants, delivering an annual net income of circa £2.81 million, reflecting a net initial yield of 8.66%.
John Murnaghan, Head of UK Real Estate at M7 Real Estate commented: “While the portfolio has been under our ownership for a relatively short time, following the completion of a number of lettings and lease renewals and having received an off-market approach from Regional REIT and the team at London & Scottish Investments Limited, who we know well and have worked with before, we are pleased to be able to crystallise this investment ahead of plan.”