M7 Real Estate has acquired 10 industrial and office assets for £29.9 million ($36.2 million), on behalf of a new separate account mandate for a Middle Eastern sovereign wealth investor.
The assets, which were acquired through six transactions and complete the acquisition period for the U.K. element of the mandate, total circa 591,000 square feet and are located across the United Kingdom. They comprise single- and multi-let industrial assets in Tunbridge Wells, Letchworth Garden City, Swindon, Warminster, Barnsley, Seaham and Galashiels, as well as two office assets in Nottingham and East Kilbride.
The portfolio is 95 percent let to 59 tenants with a combined WALT of 4.8 years, with significant accessible income reversion.
The mandate targets regional, high-yielding commercial real estate assets in the United Kingdom and continental Europe that generate stable, diversified income streams over the medium term, as well as capital growth potential.
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