M7 Real Estate has acquired Broadheath Network Centre in greater Manchester for £47 million ($57.7 million) from Network Space Developments.
The acquisition is the first undertaken by M7 on behalf of the newly formed pan-European industrial and logistics joint venture between Oxford Properties and AustralianSuper. The joint venture, called the European Supply Chain Income Partnership (ESCIP), is aiming to build a €4.5 billion ($4.7 billion) portfolio in the next three to five years and was formed through the acquisition by AustralianSuper of a 50 percent stake in Oxford’s €840 million ($871 million) industrial & logistics portfolio and its M7 platform. The joint venture is expected to complete at the end of first quarter 2025 and is conditional on customary regulatory approvals, among other things.
The 206,000-square-foot prime, new, multi-let industrial estate was recently developed by Network Space Developments, who acquired the site in 2021 ahead of b
