M7 Capital has provided a €20.5m (£17.3m) loan to Alltmore Properties, a specialist investor in business centres across Scotland and the North of England, to support the refinancing of a portfolio of seven out of town business space assets in Scotland. M7 Capital will also make available an additional €29.7m (£25m) loan facility to finance the further growth of the portfolio through the targeted acquisition of office, industrial and retail warehouse assets in the region.
The loan is secured against a portfolio comprising seven assets totalling c. 170,000ft², which are situated on major business parks in the towns of Stirling, Inverness, Dunfermline, Bellshill and Perth. The portfolio, which is 97% let to a diverse range of occupiers, has recorded consistently 100% of rent collection during the Covid-19 pandemic, demonstrating the dominant locations of the assets within their catchment areas and the strength of the tenant base.
Hugh Fraser, Chief Executive Officer of M7C said: “Alltmore has compiled a high-quality portfolio of business space assets, reflected in the high occupancy rate and strong rent collection data over the course of the pandemic. We look forward to working with team at Alltmore, who are specialists in this area, as they continue to grow the portfolio, leveraging their proven track record.”
Kenneth MacKay Managing Director at Alltmore said: “We are delighted to have agreed the facility with M7C and look forward to working with them in the years to come. The deal enables us to expand the existing portfolio and optimise any new acquisitions using the same strategies that have been applied to the current assets. This in turn will allow the highly experienced Alltmore team to add value and to build on the already impressive returns offered to our investors. "
