The assets, which comprise a total of c.138,515 sq ft, are located across the UK in Swansea, Hull and Birmingham. They are let to tenants including B&M, Wickes, Iceland and Poundland with a combined WALT of 8.7 years and an ERV of £1.6 million per annum.

The purchases continue M7’s strategy of acquiring low rent, low capital value retail warehousing in strategic locations, with the potential to add value through active asset management.

M7 REIP V’s portfolio now comprises 33 assets with a total value in excess of £150 million across 1.96 million sq ft with a WALT of 4.65 years.

Will Hunting, Divisional Director – UK acquisitions, commented: “These acquisitions utilise the proceeds from the recent disposal of Becketts House and are in line with our strategy of opportunistically divesting of assets and recycling capital into opportunities that are accretive to the Fund’s income profile. These assets also continue our theme of acquiring credit diversified, medium to long term income streams which offer multiple value-add initiatives.

“We continue to target the UK retail warehouse sector, where we are seeing interesting opportunities for assets at the right pricing level.”