British Land has acquired a portfolio of three UK retail warehouse assets from M7 Real Estate for just over £45m.
St David’s Retail Park in Bangor (pictured), Queens Drive Retail Park in Kilmarnock and Enham Arch Retail Park in Andover provide more than 270,000 sq ft of retail warehouse space. The parks have strong occupancy levels and a blended WALT of more than five years.
M7 acquired the assets in 2020 on behalf of M7 Box+ II and since acquisition, it has re-geared a number of leases with key tenants.
John Pow, managing director at M7 Real Estate, 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 whilst we continue to work through the asset management strategy for the remaining four assets.
“The retail warehousing sector continues to perform well and remains highly 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.
