M7 Real Estate has sold a former office building in London, which has been proactively repositioned for residential use, on behalf of M7 Real Estate Investment Partners V (REIP V).
The sale fetched £13 million ($16 million) for M7.
The former 53,000-square-foot office property, known as Becketts House and Caxton Place, was acquired by M7 as part of a wider portfolio in 2016.
The firm said it identified an opportunity to reposition some 100 private residential dwellings through permitted development. After achieving this in July, M7 implemented a proactive asset management program to enable vacant possession of the building.
M7 said it was attracted by the local need for housing, the building’s close proximity to London and the planned arrival of Crossrail, a 73-mile railway line for London and the Southeast, in 2020.
“This sale follows the execution of our business plan for this asset which has enabled us to extract significant returns for our
