19 Feb 2010
Northcreek Holdings exchanges on Industrial Portfolio
19th February 2010 – Northcreek Holdings exchanges on Industrial Portfolio and appoints M7 as asset manager.
A newly-formed joint venture between U.S. fund manager Westbrook Partners and M7 Real Estate, Northcreek Holdings, which had been established specifically to acquire a portfolio of industrial buildings and estates from UBS, has exchanged on the transaction.
The portfolio has been acquired for an undisclosed sum and consists of 14 assets in locations such as Milton Keynes, Coventry, Havant, Hayes and Totton. The portfolio currently produces a rent roll of circa £5.9 million from approximately 70 tenants and has a total area of circa 2,970,000 sq ft.
M7 has been appointed the asset manager of the portfolio by Jersey-based Northcreek Holdings.
Northcreek is M7’s second JV, following on from the launch last October of the Light Industrial Property Partnership (“LIPP”) JV with Europa. LIPP is continuing to acquire and expects to exchange on a further acquisition shortly, which will take its investment to date towards £40 million.