Partner Article

Real Estate firm acquires two North East office parks for combined £6.45m total

M7 Real Estate has completed the purchase of two North East office parks at Mandale Business Park and Waverley, for £5.25m and £1.2m respectively.

Mandale Business Park, in Durham, is a multi-let office park investment comprising 12 buildings totalling 52,039 sq ft, whilst Waverley, Market Dock, is a multi-let office park investment comprising 10 self-contained buildings totaling 18,885 sq ft.

Buyer M7 Real Estate is a pan European multi-let real estate asset manager with operations in the UK, Denmark, the Netherlands, Germany, France and Poland. The company manages a portfolio of around 370 assets, comprising 28 million sq ft with a capital value in excess of €1.3bn.

Peter Atkinson, Investment Director at DTZ comments: “These two deals typify the trend we are seeing for oversees and institutional capital investors seeking out deals in the North East.

“With the region offering comparatively attractive yields underpinned by improving occupational markets, this is a trend we expect to continue for some time to come.”

Will Hunting, Asset Manager from M7 Real Estate comments: “We are very pleased with these acquisitions which appealed to us as they have strong growth prospects, fit our strategy perfectly and will be accretive to the fund.”

DTZ advised M7 Real Estate on the purchase of Durham and GVA represented the vendor, Mandale DTZ advised the vendor and Lexicon Cole advised M7 Real Estate on South Shields.

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