Kamco and M7 buy regional office trio
Kamco Invest and M7 Real Estate have acquired three regional office buildings through separate deals, funded by debt from Aviva Investors.
It is understood the properties were bought for around £55m-£59m.
The properties comprise more than 208,000 sq ft of space. These are in Hamilton, Scotland; Aztec West, Bristol; and Chertsey, Surrey.
Kamco Invest and M7 Real Estate have acquired three regional office buildings through separate deals, funded by debt from Aviva Investors.
It is understood the properties were bought for around £55m-£59m.
The properties comprise more than 208,000 sq ft of space. These are in Hamilton, Scotland; Aztec West, Bristol; and Chertsey, Surrey.
Scottish Power and EE occupy the Hamilton and Bristol sites respectively, while the Chertsey property is let to Samsung Electronics and a workplace solutions provider.
These collectively offer an average unexpired lease term of 7.5 years.
Aviva has provided a senior debt facility, consisting of a five-year fixed-rate loan, on behalf of external client mandates.
David Ebbrell, chief executive of M7 Real Estate, said: “The acquired properties are all located in markets which are experiencing a shortage of Grade A office supply and benefit from strong local market fundamentals, which we think will benefit from the trends we are seeing in regional office demand in a post-Covid-19 environment.”
Gregor Bamert, head of real estate debt at Aviva Investors, said: “We believe that opportunities continue to exist in the market, particularly when lending against good assets with high-quality tenants in place.
“As such, this deal should deliver good performance for our investor clients as part of the overall portfolio. It also represents our first transaction with Kamco acting as sponsor and look forward to expanding our relationship in due course.”
M7 acted as asset manager and investment advisor for the debt facility.
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