M&G Real Estate has bought two portfolios comprising 46 multi-let light industrial estates from a joint venture of Europa Capital and M7 Real Estate for 拢140 mln (鈧�168 mln).
M&G Real Estate has bought two portfolios comprising 46 multi-let light industrial estates from a joint venture of Europa Capital and M7 Real Estate for 拢140 mln (鈧�168 mln).
The two portfolios comprise 699 individual units, with a combined floor area of 4 million sq ft (371,000 m2) on 302 acres and an average estate size of 87,000 sq ft.
Located in England, Scotland and Wales, the majority of the properties are situated near or within major conurbations and within close vicinity to major road networks.
Given the specialist and highly management intensive nature of the multi-let industrial sub-sector, M&G said it has created a platform in conjunction with M7 Real Estate, which will retain the asset management brief.
'This sale represents the culmination of a strategy initiated four years ago with M7. The strategy to accumulate portfolios of multi-let light industrial assets with a specialised joint venture and asset management partner, at a time when this sector was largely ignored, has successfully been executed,' said Callum Thorneycroft, associate director of Europa Capital.
M&G Real Estate currently has 拢1.74 bn of industrial and warehouse property under management, equating to 26 million sq ft.
Deloitte Real Estate represented M&G Real Estate in this transaction.
