M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has sold Wednesbury Trading Estate (“Wednesbury” or the “Estate”) to PATRIZIA for £34m on behalf of Tristan Capital Partners’ core-plus fund, Curzon Capital Partners V Long-Life LP.
Wednesbury Trading Estate, which is located approximately 10 miles to the north west of Birmingham, comprises c. 440,000 sq ft of multi-tenanted industrial space across 50 units. M7 was appointed as asset manager by Tristan Capital Partners following their acquisition of the property in 2019.
M7 has undertaken a proactive asset management strategy, deploying selective capex to improve the property as well as growing the rent roll and diversifying the occupier mix e.g. trade counter uses were also introduced as part of recent lettings to Toolstation and Howdens. The Estate is 96% let with a WALT to break of 3.12 years.
Sadie Fitzpatrick, Senior Asset Manager at M7 Real Estate, commented: “Completion of the various asset management strategies, in record time, enabled an early disposal which took advantage of the current levels of exceptionally strong demand for high quality, well located multi-tenanted industrial estates such as Wednesbury.
“We are pleased that PATRIZIA share our view of the long-term prospects for this key industrial estate in the heart of the West Midlands and that together we have delivered a good result for our client and the fund. We are proud to have worked on this project – our first with Tristan Capital Partners – and we look forward to growing the relationship in the future.”
Jean-Phillipe Blangy, Head of Asset Management at Tristan Capital Partners, said: “The West Midlands boasts a strong local economy and easy connections to the rest of the country, ensuring well-located industrial assets like this will always attract investor interest. The sale of this asset off-market is testament to the smart management and sizeable increase in rent return since we acquired it two years ago.”
