M7 Real Estate, together with its joint venture partner, funds managed by Oaktree Capital Management L.P., has sold its regional UK office investment company, Archimedes Real Estate Investment L.P. (“Archimedes”), to Regional REIT for €49.2m (£43.2m).
Archimedes owns 17 multi let-office assets, 15 of which are located in England and two in Scotland. The portfolio contains 206 lettable units, totalling 522,244 ft² of GLA, which are all self-contained, providing each of the 136 tenants with “own front door” access. The current contracted rent for the portfolio is circa €4.27m (£3.75m) per annum.
John Murnaghan, Head of UK Real Estate at M7 commented: “The sale of Archimedes has been achieved ahead of our business plan capitalising on the demand in the market for strong income-generating portfolios. We are delighted to have completed another successful transaction with Oaktree.”
