M7 Real Estate has completed four lease renewals on behalf of M7 Real Estate Investment Partners III fund across c. 96,600 sq ft of regional office space generating a total rent of £1.32 million per annum.
Lease renewals have been agreed with strong covenants including The Secretary of State at Graeme House, Liverpool; Diamond Resorts at Citrus House, Lancaster; the NHS at Puma Court and Pure Legal at Tiger Court, which are both located on the Kings Business Park in Knowsley, Merseyside.
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“Completing these lease renewals during COVID-19 demonstrates that regional office space continues to be in demand and also illustrates M7’s local asset management expertise,” said Victoria Lane, Asset Manager at M7.
“We worked closely with the individual tenants to ensure that the terms agreed provided them with the assurance and means to plan ahead for the next three to five years. As a result, the Fund has a greater level of stabilised assets with a stronger income profile over the longer term, as per the business plan.”
The fund’s portfolio currently comprises nine assets totalling c. 451,000 sq ft of office and industrial space. All of the transactions were agreed and completed in the last few months during the COVID-19 pandemic.