M7 Real Estate (M7), a pan-European investor and asset manager, has announced the acquisition of Broadheath Network Centre in Greater Manchester for £47 million, from Network Space Developments.
The acquisition is the first undertaken by M7 on behalf of the joint venture between Oxford Properties and AustralianSuper.
The joint venture, named the European Supply Chain Income Partnership (ESCIP), is aiming to build a €4.5bn (£3.8bn) portfolio in the next three to five years.
ESCIP was formed through an acquisition by AustralianSuper of a 50% stake in Oxford’s c. €840m (£710m) industrial & logistics portfolio and its M7 platform.
The joint venture is expected to complete at the end of Q1 of 2025 and is conditional, amongst other things, on customary regulatory approvals.
The c. 206,000ft² multi-let industrial estate was developed by Network Space Developments who acquired the site in 2021 ahead of building out the facility which now comprises 25 high-specification units ranging in size from 2,080ft² to 41,738ft².
Broadheath Network Centre was constructed using recycled steel and concrete, and includes EV charging points which, alongside a number of other environmental initiatives, have led to its BREEAM ‘Very Good’ and EPC ‘A’ ratings.
The estate is currently 66% let with key 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.
Vice president of logistics & residential, Oxford Properties, Alicia Peters said: “This 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, €4.5bn £3.8bn), pan-European logistics portfolio over the next three to five years.
“We believe this is an attractive moment in the cycle to deploy capital into European logistics and our high conviction investment strategies.”
