M7 sells Wednesbury estate for £34m

M7 Real Estate has sold Wednesbury Trading Estate near Birmingham to Patrizia for £34m. M7 sold the 440,000 sq ft trading estate on behalf of Tristan Capital Partners’ core-plus fund, Curzon Capital Partners V Long-Life LP, having asset-managed the estate since Tristan bought it in 2019. The estate comprises 50 units let to a range of occupiers including Toolstation and Howdens. It is 96%  occupied with a weighted average lease term to break of 3.12 years. Sadie Fitzpatrick, senior asset manager at M7, said: “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 shares 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.” Jean-Philippe Blangy, head of asset management at Tristan, added: “The West Midlands boasts a strong local economy and easy connections to the rest of the country, ensuring that 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.” To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews See which agents are doing the most industrial deals in the West Midlands with our On-Demand Rankings >> Photo courtesy of FTI Consulting