M7, DE Shaw add seven UK industrial and warehouse assets to portfolio

M7, DE Shaw add seven UK industrial and warehouse assets to portfolio

M7 Real Estate has acquired a further seven industrial and warehouse assets in the UK on behalf of a joint venture targeting value-add UK real estate with a fund managed by global investment and technology development firm the D. E. Shaw group.

The acquisitions comprise two multi-tenant light industrial assets and five single-tenant warehouses with a total floor area of 465,000 square feet.

The assets are located in key regional markets across the UK with strong underlying fundamentals including Manchester, Coventry, Newcastle-upon-Tyne and Basildon.

These transactions grow the portfolio to 22 office, logistics, light industrial and retail parks totalling 1.2 million square feet.

M7 acts as asset manager for the JV’s portfolio, which is 98% occupied and will continue to undertake a number of initiatives to enhance the portfolio, including negotiation of outstanding and upcoming lease events, as well as let up of vacancy.

Miles Chuter, Senior Acquisitions Manager of M7 Real Estate, commented: “Despite the macro-economic headwinds, we believe that these well located regional assets provide an exciting mix of long-term income and opportunity to create value through asset management initiatives. These latest transactions demonstrate the strength of our working relationship with the D. E. Shaw group and we are now focused on executing our business plan and further expanding the portfolio, if the right opportunities arise.”

M7 was advised by DTRE, Addleshaw Goddard LLP, Hollis and Nova-Ambiente.