Commercial property firm M7 Real Estate has sold Formal Industrial Estate ("Formal IE") in Tewkesbury.

Located in the established industrial location off Northway Lane in Tewkesbury, Formal IE is situated just 0.7 miles from Junction 9 of the M5 motorway.

According to property news website CoStar, the buyer was US private equity firm Ares whom reportedly paid around £23million for the site.

M7 acquired Formal IE on behalf of a client in 2020, which comprises a total of 285,700 sq ft of distribution and multi-let light industrial space.

Following the administration of the asset's principal occupier, M7 undertook a proactive asset management strategy and secured a major new letting with Bensonsforbeds Retail Ltd, generating long-term income.

Formal Industrial Estate is said to be 100 per cent let to nine occupiers, including DAEL, Ari Armaturen, Horizon Mobility and Oregon Tool U.K, with a WAULT of 4.94 years to expiry.

Sadie Fitzpatrick, senior asset Manager at M7 Real Estate said: "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."

M7 was represented by JLL. Allsop acted for the buyer.