2 Apr 2014
M7 REIP Achieves £3m Trading Gain in Q1
2nd April 2014 – M7 REIP (M7 Real Estate Investment Partners 1), the asset owning subsidiary of M7 Real Estate has recently concluded the sale of a number of assets including the Shepley Industrial Estate, Manchester, Berkeley Court, Runcorn and Edelman House in Whetstone.
M7 REIP acquired these properties as part of the purchases of Eastburn Estates Ltd and Active Commercial Estates Plc in December 2013.
The assets are located across the UK, providing a mixture of industrial and office accommodation with a combined area of approximately 690,000 sq ft and achieved a sales price of approximately £25.7 million providing a trading gain of over £ 3million.
The assets were sold to a variety of buyers, including Infrared, Harbert Management Corporation, Parabola Capital / Caisson and Seneca Investments and Developments Ltd.
Matthew Cheyne, Head of UK Asset Management at M7 Real Estate commented “Having formulated robust business plans for the longer term, core holds within these portfolios, the initial focus has been on selling out the non-core assets. These sales are a significant step towards achieving that goal, ahead of schedule and ahead of anticipated sale pricing substantially improving the risk profile of M7 REIP”.
Richard Croft, M7’s Chief Executive added “The performance of M7 REIP has been ahead of target. The creation of the vehicle following our successful bond raise has provided a solid foundation to our balance sheet as we grow our co-investing asset management business across both continental Europe and the United Kingdom.”
M7 Real Estate was advised in the various deals by Tudor Toone, GVA, Altus Edwin Hill, Linays, Gavin Black & Partners, Barker Storey Matthews and Collingwood Rigby.