British Land has bought a portfolio of UK retail warehouses for more than £45m from M7 Box+ II, a fund managed by M7 Real Estate.
The assets, measuring a combined 270,000 sq ft, sit within St David’s Retail Park in Bangor (pictured), Queens Drive Retail Park in Kilmarnock, and Enham Arch Retail Park in Andover. The portfolio has a blended WAULT of more than five years.
M7 acquired the assets in 2020 and since then has re-geared a number of leases with key tenants. Following the sale, four assets remain in M7 Box+ II’s portfolio.
John Pow, managing director at M7, said: “This transaction marks the conclusion of our asset management strategy for these assets and generates a solid return for our investors. The sale allows the fund to return equity back to investors while we continue to work through the asset management strategy for the remaining four assets.
“The retail warehousing sector continues to perform well and remains attractive to investors and occupiers. The sector plays an integral role in the ecosystem for retailers, including increasingly for last-mile delivery and click-and-collect. We are now focused on recycling capital into high-growth assets within our preferred sectors of logistics and retail warehouses.”
M7 was advised by Savills.
Image © M7
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