Office block sold for triple cost under a year

A European investor has tripled its money after selling two Greater Manchester office blocks just eight months on.

M7 Real Estate has sold the office blocks in Salford and Altrincham for £7.34m.

The properties generated a 2.6-fold return on equity for the fund.

Richard Croft, M7 Real Estate’s chief executive officer, said: “These returns reflect the opportunity that we spotted in the mismatch in UK regional property values.

“Strong demand for high-yielding assets continues to lift values and compress yields, which bodes well for the fund’s other investments once we have achieved our various business plans for them, probably later this year.”

M7 Real Estate is a pan-European investor and asset manager specialised in multi-let real estate operating in the UK, Denmark, the Netherlands, France, Germany and Poland.

Their portfolio has a capital value in excess of €1.3bn.

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