19 Dec 2013
MStar Expands Portfolio
19th December 2013 – MStar, the JV between Starwood Capital and M7 Real Estate Ltd, has acquired four further estates from three separate vendors during December. The assets were acquired for approximately £10.5 million.
The four estates are Trent Business Park, Rugeley, Wulfrun Trading Estate Wolverhampton together with Glasgow Trade Park and Parkway Point in Glasgow. The latest acquisitions provides 247,424 sq ft of light industrial accommodation in 61 units.
David Ebbrell, M7’s Head of Acquisitions, said “These acquisitions continues the expansion of the MStar portfolio and provides further geographical and tenant diversification for MStar. We have already identified a number of early asset management opportunities.”
Matthew Cheyne, M7’s Head of UK Asset Management, added “MStar now comprises 21 assets and totals over 1,600,000 sq ft of accommodation. Early asset management initiatives including asset repositioning through targeted capital expenditure have already reduced acquisition voids and are improving returns to MStar, with further leasing activity anticipated over the coming months.”