Oaktree Capital Management has formed a second joint venture partnership with London-based industrial property firm M7 Investment Management to acquire £100 million (€124.8 million; $170 million) of multi-let offices across the UK.
The partnership, a company called Archimedes Real Estate, is the second between Oaktree and M7 and the latest of a string of private equity unions formed by the latter. Other private equity partners of the firm include: Westbrook Partners, Starwood Capital, Europa Capital and M&G Investments.
The first partnership between Oaktree and M7 was announced in November last year and is focused on investments in secondary real estate markets in Denmark and the broader Nordic region.
While that venture, called DaRE was kickstarted with an investment in 26 assets across Denmark, this second venture has commenced with just the one investment, a business park in Preston acquired from London-listed property company Helical Bar. Further assets, however, are under offer in Leeds, Birmingham, Redditch, Livingston and Falkirk.
Richard Croft, M7’s Chief Executive said “The portfolio that has been acquired is similar in make up to many of the transactions that we have undertaken in the UK. The assets currently benefit from a diversified income stream whilst providing the potential for capital value uplifts as the asset management strategy is delivered. ”
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