Marchmont has completed the purchase of a £62m UK logistics portfolio with its partner Pictet Alternative Advisors.
The portfolio was bought from M7 Real Estate, the Oxford Properties-backed manager. Encompassing around 70 units the assets total over 1.2m sq ft, spread across the country with average rents standing in the region of £4/sq ft.
Pictet and Marchmont utilised finance from Agfe to finance the transaction.
Tim Lumsdon, director of Marchmont, said: “With over 60 tenancies, the portfolio presents a real opportunity to add value through pro-actively managing the existing income stream. With average rents of around £4/sq ft, despite the economic headwinds, we consider the portfolio to be well placed to deliver performance during our ownership.”
Ed Jackson, head of UK real estate at Pictet, added: “We look forward to working with our tenants and investing in the portfolio to improve performance and environmental credentials.”
TT&G advised M7. DTRE advised Marchmont and Pictet. Brotherton originated the finance.