23 Apr 2014
MStar UK Completes Acquisition Program with Two Acquisitions
23rd April 2014 – MStar, the JV between Starwood Capital and M7 Real Estate Ltd, has completed its acquisition of two further estates from two separate vendors during April 2014. The assets have been acquired for approximately £2.45 million.
The two estates are Canyon Road, Wishaw and Southmoor Park, Manchester. The latest acquisitions provide a further 88,000 sq ft of light industrial accommodation in 11 units.
David Ebbrell, M7’s Head of Acquisitions, said “These acquisitions continue the expansion of the MStar portfolio and provide further geographical and occupier diversification for MStar as the UK light industrial market continues to improve. We have already identified a number of early asset management opportunities for these acquisitions.”
Matthew Cheyne, M7’s Head of UK Asset Management, added “MStar now comprises 27 assets and totals approximately 2.0m sq ft of accommodation across the UK. A number of key asset management initiatives are underway and have already reduced acquisition voids whilst continuing to improve returns to MStar. Further leasing activity is anticipated over the coming months.”