M7 Real Estate has completed on four regional office assets.
The four properties were bought from four separate vendors for a total of £7.25m on behalf of the M7 real Estate Investment Partners III fund.
Two of the assets are in Knowsley, Merseyside, and cover 85,991 sq ft of modern office space. The others are in Leeds and Nottingham.
The portfolio has a £972,580 passing rent from a 69% occupancy rate across 10 tenants. The purchase represents a net initial yield of 12.6%.
John Murnaghan, head of UK asset management at M7 Real Estate, said: “These transactions reflect the ongoing confidence we have in the UK regional market’s capital and rental growth prospects, against the backdrop of the ongoing economic recovery and increasing capital investment outside the South East.”
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