11 Jul 2014
M7 Sells Styx Portfolio to Brockton Capital and Dunedin Property JV
11th July 2014 – M7 Real Estate Ltd, on behalf of M7 Real Estate Investment Partners 1 Ltd (M7’s direct asset owning subsidiary) has exchanged contracts to sell the Styx Portfolio to a partnership between Brockton Capital and Dunedin.
The portfolio has been sold for a combined value of £50,343,000. The primarily industrial portfolio comprised 20 assets, including the Severnside Industrial Estate in Avonmouth, Towers Business Park in Rougely and Hawarden Business Park, which is situated next to the Airbus factory close to Chester.
The yield on the portfolio was approximately 9.15% and with a reversion to over 10% once the current vacancy has been leased.
Commenting on the deal, Richard Croft of M7 said “This sale was an important part of our strategy as it enables us to recycle our capital into our growth markets in continental Europe”.
Tudor Toone acted for M7 and JLL acted for Brockton and Dunedin.