M7 Real Estate has acquired 15 industrial, retail warehouse and office assets in the UK on behalf of a JV targeting value-add UK real estate with a fund managed by global investment and technology development firm the DE Shaw group.
The assets, which were acquired via 11 separate transactions supported by senior debt financing from Barclays, comprise nine single and mili-let industrial buildings across the UK, four retail warehousing schemes and two BREEAM Excellent rated multi-let office properties in Glasgow.
The portfolio, which will be asset managed by M7, comprises 761,200 sq ft, is 98% occupied and has a weighted average lease term of five years.
David Ebbrell, chief executive of M7 Real Estate, said: “Over the last few months we have worked closely with the DE Shaw group to assemble an attractive portfolio of high quality regional assets with opportunity for value enhancement. Our focus is now on undertaking our property level asset management plans, leveraging our extensive experience in this area and, if the right opportunities arise, further expanding the portfolio.”
Jason Constable, head of real estate at Barclays Corporate Banking, added: “We have a strong and longstanding relationship with both M7 and the DE Shaw group and to support them in this financing package, which will accelerate the growth aspirations of the joint venture, was a natural fit for us. We continue to closely collaborate with our valued clients as they deliver on their strategies and this facility further underlines our ongoing commitment to the UK real estate sector.”
