M7 sells light industrial space in England for U.S. mandate
M7 Real Estate has sold Formal Industrial Estate in Tewkesbury, a medieval market town and civil parish in the north of Gloucestershire, England, to a private client of real estate investment management.
The sale has been completed on behalf of a separate account mandate with a U.S. private equity investor.
M7 acquired Formal IE, which comprises 285,700 square feet of distribution and multi-let light industrial space, on behalf of its client as part of a wider pan-European portfolio in 2020. After the administration of the asset’s principal occupier, M7 undertook a proactive asset-management strategy, engaging with stakeholders and securing a major new letting with Bensonsforbeds Retail Ltd, generating long-term income. Formal Industrial Estate is now 100 percent let to nine occupiers.
Located in the established industrial location of Tewkesbury, Formal IE is only 0.7 miles from Junction 9 of the M5 Motorway providing immediate access to the national motorway