25 Sep 2019

M7 trades on Wickes in Aintree

M7 Real Estate (“M7”), the pan-European investor and asset manager has completed, on behalf of M7 REIP VIII (the “Fund”), the sale to a South African investor of a stand-alone retail warehouse let to Wickes Building Supplies Ltd (“Wickes”).

Wickes has an unexpired lease term until December 2032 on the 26,267sq ft unit at Ormskirk Road, Aintree. The property was sold for £5.9 million which equates to a 6.1% NIY.

M7 REIP VIII targets both income and capital growth first and second-generation Enhanced Planning (“E”)-warehousing. This property was purchased as part of a portfolio in August 2018. In accordance with the Fund’s strategy to hold higher yielding assets, this unit was brought to the market through Harvey Spackfield.

Kirsty Apthorp, Senior Asset Manager at M7, commented: “This is the only Wickes unit in Liverpool, and is situated in an extremely prominent position across from the largest cluster of retail warehousing in the area. The sale is part of the Fund strategy to dispose of assets that do not meet the income accretive requirements of the Fund and we will seek selectively to reinvest into higher yielding initiatives.”