M7 Real Estate, the pan-European investor and asset manager, has bought the 206,000 sq ft Broadheath Network Centre in Greater Manchester from Network Space for £47m.
The acquisition is the first by M7 on behalf of the newly formed pan-European industrial and logistics joint venture between Oxford Properties and AustalianSuper.
The European Supply Chain Income Partnership jv is aiming to build a €4.5bn (£3.8bn) portfolio in the next three to five years. It was formed through the acquisition by AustralianSuper of a 50% stake in Oxford’s €840m industrial and logistics portfolio and its M7 platform.
This first acquisition, Broadheath Network Centre, comprises 25 high-specification units ranging in size from 2,080 sq ft to 41,738 sq ft. The estate is currently 66% let to occupiers including Maersk, National Trust, Options Greathire, Xpand Logistics, Socotec and Torque Golf. M7 will undertake an active asset management strategy to lease up the remaining vacant space and drive the income profile of the asset.
M7 Real Estate chief executive David Ebbrell said: “The Broadheath Network Centre typifies the type of asset we want to add to this portfolio, being a prime last-mile asset in a high-growth urban logistics location within a strong and affluent regional city.”
M7 Real Estate was represented by Savills, Jones Day, Deloitte, TFT Consultants and Nova Ambiente; Network Space was represented by B8RE, Gateley and Grant Thornton.
Photo © Network Space Developments
Send feedback to Samantha McClary
Follow Estates Gazette
