2 Dec 2019
M7’s cool new purchase in Cornwall
M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has acquired a fully equipped chilled food manufacturing facility in Launceston, Cornwall, for an undisclosed sum on behalf of M7 Real Estate Investment Partners III (“M7 REIP III” or the “Fund”).
The property is situated on Pennygillam Industrial Estate which is the largest and most established estate in the area and comprises a number of local and national occupiers who use this location to access all of the regional sub-markets through the South West. The high-profile site extends to approximately 11.5 acres and is one of the biggest industrial sites in Cornwall just 45 minutes from Exeter and the M5 motorway.
The property comprises an extensive food production and warehousing facility covering approximately 189,160 sq ft which is perfectly located in an area with a focus on the diary and food production industries. Constructed in three distinct phases, the buildings have been designed to run together as one facility. However, it also has the ability to be split up into smaller units.
This latest acquisition into M7 REIP III grows the Fund to 12 assets totalling 692,978 sq ft of office and industrial space.
Victoria Lane, Asset Manager at M7, commented: “This rare opportunity to acquire a substantial industrial property into REIP III with exceptionally well-maintained chilled stores in an immaculate condition is an exciting purchase. Due to the extensive fit out as a food processing facility and the breakup potential into manageable standalone units of between 10,000 – 45,000 sq ft we are confident this will appeal to owner occupiers who appreciate the convenience and benefits to literally “just move in””.
M7 has appointed Vickery Holman as Agents.