The joint venture’s first acquisition comes days after the announcement of the €840 million pan-European logistics partnership managed by M7 M7 Real Estate (“M7”), the pan-European investor and asset manager, announces the acquisition of Broadheath Network Centre in Greater Manchester for £47 million, from Network Space Developments. The acquisition is the first undertaken by M7 on behalf of the newly formed pan-European industrial & logistics joint venture between Oxford Properties, a leading global real estate investor, developer and manager, and AustralianSuper, Australia’s largest superannuation fund. The joint venture, which is named the European Supply Chain Income Partnership (“ESCIP”), is aiming to build a €4.5 billion portfolio in the next three to five years and was formed through the acquisition by AustralianSuper of a 50% stake in Oxford’s c. €840 million industrial & logistics portfolio and its M7 platform. The joint venture is expected to complete at the end of Q1 of 2025 and is conditional, amongst other things, on customary regulatory approvals. The c. 206,000 sq ft prime, new, multi-let industrial estate was recently developed by Network Space Developments who acquired the site in 2021 ahead of building out the facility which now comprises 25 high-specification units ranging in size from 2,080 sq ft to 41,738 sq ft. Broadheath Network Centre was constructed using recycled steel and concrete, and includes EV charging points which alongside a number of other environmental initiatives have led to its BREEAM ‘Very Good’ and EPC ‘A’ ratings. The estate is currently 66% let with key occupiers including Maersk, National Trust, Options Greathire, Xpand Logistics, Socotec and Torque Golf. M7 will undertake an active asset management strategy to lease up the remaining vacant space and drive the income profile of the asset. Strategically located in Altrincham, an established logistics hub in Greater Manchester, Broadheath Network Centre benefits from direct access to the M56, M60 and M6 motorways, as well as its proximity to Manchester Airport, enabling both local and national distribution. David Ebbrell, CEO M7 Real Estate, said: “This acquisition is our first investment on behalf of the newly formed European industrial & logistics strategic partnership with Oxford and AustralianSuper announced earlier last week. To have concluded this transaction so soon after agreeing that joint venture underlines the strong ambitions we all have to grow the ESCIP platform. The Broadheath Network Centre typifies the type of asset we want to add to this portfolio, being a prime last-mile asset in a high growth urban logistics location within a strong and affluent regional city. We now look forward to leveraging the M7 team’s asset management expertise, building on the leasing momentum already achieved by Network Space Developments, to let up the remaining vacant space.  At the same time, we are actively pursuing high-quality urban logistics assets in key European markets, aiming to capitalise on robust occupier demand.” Alicia Peters, Vice President of Logistics & Residential, Oxford Properties, added: “This transaction, coming days after the formation of the joint venture with AustralianSuper, is a real statement of intent as we look to grow ESCIP into a leading, €4.5 billion, pan-European logistics portfolioover the next three to five years. We believe this is an attractive moment in the cycle to deploy capital into European logistics and our high conviction investment strategies.” Stephen Barnes, NSD Managing Director, said: “We are delighted to have sold Broadheath Networkcentre to M7 and Oxford. Completed in March this year, the scheme is already 66% let including two further lettings completed in recent weeks, achieving a new headline rent – a testament to the quality of the scheme, its location, design and sustainability credentials. The scheme’s delivery is the result of a well-established and successful partnership between ourselves, Trafford MBC who have provided debt finance, and the principal contractor Bansco. “The sale process with M7 and Oxford has worked incredibly smoothly – a result of our preparedness and the hard work and dedication of both our corporate teams, led by Dan Adamson, together with M7 and Oxford’s teams. We wish to thank all those involved for ensuring a swift and successful conclusion.” M7 Real Estate was represented by Savills, Jones Day, Deloitte, TFT Consultants and Nova Ambiente. Network Space was represented by B8RE, Gateley and Grant Thornton. Building, Design & Construction Magazine | The Choice of Industry Professionals