M7 Real Estate, on behalf of its M7 Real Estate Investment Partners VIII fund, has acquired five retail warehouse assets from four vendors for £23.9m, reflecting an in-place net initial yield of 8%.
Totalling 218,435 sq ft, the assets, which comprise two multi-let retail parks and three solus units, are located in Chester, Wrexham, Stockton, Scunthorpe and Falkirk.
Tenants at the fully let assets include Wickes, Halfords, Go Outdoors, Matalan and Euro Car Parts. The assets have a combined WALT of seven years.
The purchases take the fund value to around £100m across 15 assets since the fund was launched in Q3 2018.
Will Hunting, senior acquisitions manager at M7, said: “Following the first tranche of acquisitions last year, these assets follow the fund’s theme of investing in low rent per square foot, low capital value retail warehousing, providing a defensive and diversified income return whilst also offering multiple value-add opportunities.
“We have identified a strong pipeline going forwards and look forward to announcing further acquisitions shortly.”
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The photo featured is a stock image and does not represent the assets referred to in this article
