M7 Real Estate has sold Formal Industrial Estate (Formal IE), Tewkesbury, Gloucestershire, to a private client of Real Estate Investment Management. The sale has been completed on behalf of a separate account mandate with a US private equity investor.
M7 acquired Formal IE, which comprises a total of circa 285,700ft² of distribution and multi-let light industrial space, on behalf of its client as part of a wider pan-European portfolio in 2020. Following the administration of the asset’s principal occupier, M7 undertook a proactive asset management strategy, engaging with stakeholders and securing a major new letting with Bensonsforbeds Retail Ltd, generating long-term income. Formal Industrial Estate is now 100% let to nine occupiers with a WAULT of 4.94 years to expiry.
Located in the established industrial location of Tewkesbury, Formal IE is situated just 0.7 miles from Junction 9 of the M5 Motorway providing immediate access to the national motorway network.
Sadie Fitzpatrick, Senior Asset Manager at M7 Real Estate, commented: “Formal IE required intensive asset management, M7’s area of expertise. Following the acquisition of Formal IE, we worked closely with all stakeholders to reposition the property. In the process we were able to meet the occupational requirements of Bensonsforbeds, successfully letting the space on a long-term lease and increasing the value of the asset. The sale of Formal IE generates significant returns for our client and is testament to the strength of the logistics market.”