, manager of a new European industrial partnership between AustralianSuper and Oxford Properties, has made its first acquisition.
M7 has acquired the 拢47m (鈧�45.6m) Broadheath Network Centre from Network Space Developments on behalf of the European Supply Chain Income Partnership (ESCIP).
The recently completed 206,000sqft multi-let industrial estate in Greater Manchester is currently 66% let. M7 said it plans to actively manage the asset to lease the remaining vacant space and increase its income.
Last week, the A$355bn (鈧�214bn) AustralianSuper acquired a 50% stake in M7, Oxford Properties鈥� 鈧�840m European industrial and logistics portfolio and fund manager.
Through the ESCIP partnership, the Australian superannuation fund and the real estate arm of Canadian pension fund OMERS expect to develop a 鈧�4.5bn warehouse portfolio over the next three to five years.
At the time, the parties said M7, the investment and asset manager Oxford Properties acquired in 2021, will oversee sourcing and executing new opportunities for the strategy, which aims to generate income-led exposure across the pan-European supply chain.
David Ebbrell, CEO M7 Real Estate, said: 鈥淭his acquisition is our first investment on behalf of the newly formed European industrial & logistics strategic partnership with Oxford and AustralianSuper announced earlier last week. To have concluded this transaction so soon after agreeing that joint venture underlines the strong ambitions we all have to grow the ESCIP platform.
鈥淭he 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. We now look forward to leveraging the M7 team鈥檚 asset management expertise, building on the leasing momentum already achieved by Network Space Developments, to let up the remaining vacant space.
鈥淎t the same time, we are actively pursuing high-quality urban logistics assets in key European markets, aiming to capitalise on robust occupier demand.鈥�
Alicia Peters, VP of logistics and residential at Oxford Properties, said: 鈥淭his transaction, coming days after the formation of the joint venture with AustralianSuper, is a real statement of intent as we look to grow ESCIP into a leading, 鈧�4.5bn, pan-European logistics portfolio over the next three to five years.
鈥淲e believe this is an attractive moment in the cycle to deploy capital into European logistics and our high conviction investment strategies.鈥�
Stephen Barnes, MD at Network Space Developments, said: 鈥淲e are delighted to have sold Broadheath Networkcentre to M7 and Oxford. Completed in March this year, the scheme is already 66% let including two further lettings completed in recent weeks, achieving a new headline rent 鈥� a testament to the quality of the scheme, its location, design and sustainability credentials.鈥�
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