9 Sep 2013
MStar Acquires Four Further Estates
9th September 2013 – MStar, the JV between Starwood Capital and M7 Real Estate Ltd, has acquired four estates from Active Commercial Estates Plc.
The portfolio was purchased for approximately £6.7 million. The four estates are located in Sheffield, Exeter, Windsor and Saltash. The portfolio provides 182,753 sq ft in 49 units.
David Ebbrell, M7’s Head of Acquisitions, said “This acquisition is accretive to the existing MStar portfolio and provides a number of early asset management opportunities”
Matthew Cheyne, M7’s Head of UK Asset Management, added “MStar now sits at over 1.3m sq ft, producing around £4.5 million pa from almost 100 tenants. The immediate post-acquisition focus for M7’s Asset Management team is to reduce void – an area where significant strides have already been taken with more to come.”