20 Jun 2014
Oaktree and M7 Launch Archimedes Real Estate
20th June 2014 – Funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and M7 Real Estate Ltd have created a JV, Archimedes Real Estate Ltd to acquire multi let regional B1 office parks throughout the UK. The venture has an initial target of approximately £100 million and will focus on smaller parks.
Richard Croft, M7’s Chief Executive, said “Our target real estate is the smaller B1 Parks that were built between the late eighties and 2000. The units on these parks are almost a hybrid of light industrial and office assets. The units often have their own front doors, are M&E light and occupied by the SME tenant base that we specialise in managing”.
The JV has already exchanged on its first asset, a park in Preston acquired from Helical Bar and has further assets under offer in Leeds, Birmingham, Redditch, Livingston and Falkirk.
Archimedes is their second JV together following the acquisition of the EHI portfolio in Denmark last year.