14 Mar 2017
M7 trades Cassiobury House, Watford out of REIP V to target higher returns
London, 14 March 2017 – M7 Real Estate, the pan-European investor and asset manager which specialises in the regional, multi-let real estate market, announces that, acting on behalf of M7 REIP V Propco Ltd (or “the Fund”), it has completed the sale of Cassiobury House, Watford. The sale is the first from the Fund and follows a successful asset management campaign. The proceeds of the sale are being recycled to target assets with higher growth potential.
Cassiobury House was acquired in March 2016 as part of the 26-asset, £127 million Omega Portfolio. It occupies a prominent position within Watford’s town centre, directly opposite Watford Junction railway station with a total floor area of 36,179 sq ft. Since acquisition, M7 has achieved full occupancy from a void rate of 11.8%. New leases were agreed with two tenants which achieved new market rental levels for the asset.
David Deeley, Asset Manager at M7 commented: “We are very pleased to have completed this sale sooner than originally predicted due to active asset management combined with the strength of the local market. The sale of this asset fits with the Fund strategy to undertake selective disposals in order to reinvest at opportune moments.”