21 Oct 2019
M7 sells ten industrial assets from balance sheet vehicle, M7 REIH
M7 Real Estate Ltd (“M7”) the pan European investor and asset manager has completed a busy summer period of asset sales in South Wales and South West England from M7 Real Estate Investment Holdings (“M7 REIH”).
The Duplex portfolio consisting of seven assets in South Wales totalling over 106,000 sq ft with an occupancy rate of 98% was sold to Hansteen for £4 million. In addition, Formal House in Weston Super Mare which extends to circa 43,000 sq ft was sold for £1.4 million to an owner occupier and Millfield Industrial Estate, Chard was also sold to an owner occupier. Martinfield Business Centre, Welwyn Garden City, let to Crown Paints, was sold to a private investor for a net yield of circa 5%.
John Murnaghan, Head of UK and Ireland Real Estate commented: “All of the sales were achieved at levels in excess of valuation and business plan and demonstrate steady investor demand for regional multi-let industrial property.”