M7 sells Howdens unit to Private Investor

M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has sold Old Mill Trade Park, Kirkintilloch on behalf of M7 Real Estate Investment Partners III (“M7 REIP III” or the “Fund”)

M7 REIP III acquired the 11,225 sq ft industrial asset in December 2015 let to the occupier Howdens Joinery Properties Limited thereby providing solid rental income for the Fund.  The property is located within Old Mill Trade Park, Kirkintilloch, Scotland and benefits from excellent frontage on to the main thoroughfare of the town.

In line with the identified strategy for the asset, the rent review which was completed in mid-March 2020 successfully provided an uplift in rent and extension of the lease term. The sales process was undertaken during lockdown and having identified the purchaser a simultaneous exchange and completion occurred within just 20 working days.

Andrew Brass, Asset Manager at M7, commented: “As a result of our active asset management we have been able to meet our expectations and complete our strategy at Old Mill Trade Park, Kirkintilloch. In doing so we have crystallised a strong return for the Fund.

“Our expectations were that this asset, being a sub £1 million lot size and an industrial property let to an exceptionally strong covenant, would remain appealing to investors despite the wider market conditions, which was borne out.”