M7 Real Estate sells REIP VI portfolio for £31m
M7 Real Estate on behalf of M7 Real Estate Investment Partners VI has disposed of a portfolio of U.K. regional assets to Regional REIT, the U.K. regional office and industrial property focused REIT, for £31.4 million ($40 million).
The portfolio consists of seven regional office assets and one mixed-use asset, located in Lincoln, Ipswich, Stockton-on-Tees, Wakefield, Deeside, Clevedon, High Wycombe and Hull. The portfolio has a total area of 277,280 square feet across 47 lettable units, which are 92 percent let to 24 tenants, delivering an annual net income of circa £2.81 million ($3.58 million), reflecting a net initial yield of 8.66 percent.
M7 REIP VI was launched in December 2016 to target multi-let, high-yielding assets with attractive income profiles in key U.K. regional locations, underpinned by supportive fundamentals including the growing need of SMEs for flexible space outside of London.