M7 Real Estate (“M7”), the pan-European investor and asset manager, has announced that it has recently completed two new lettings comprising over 170,000 sq ft of warehouse space at Deva 100 in Chester and Big Pal in Deeside on behalf of a major financial fund.
FTS Hatswell (“FTS”), North Wales’ premier storage and distribution company, has agreed to let 104,000 sq ft at Deva 100 on a 15 year lease at a headline rent of £4.75 per sq ft. M7 acquired Deva 100 in March 2018, which had been vacant since its construction circa 10 years ago. Five months later, the asset is now fully let.
Separately, Big Pal in Deeside, which comprises 69,080 sq ft, has been let to Soleil Foodservice Limited (“Soleil Foodservice”) on a seven year lease at £3.90 per sq ft.
John Murnaghan, Head of Real Estate in the UK and Ireland, said: “Securing the letting at Deva 100 within five months of acquiring the unit is an indicator of the continued healthy demand for quality space in this region as well as our asset management capability. We are pleased to be working with both FTS and Soleil Foodservice to support their respective growth plans. We have been able to capitalise on our network and on the ground expertise in the region by relocating an existing tenant to a vacant unit within the portfolio whilst simultaneously securing a new tenant for their former unit”.
Legat Owen acted for M7 and their asset managers Peleton Properties in both lettings.