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M&G adds £165m last-mile assets to Project King platform

Seax Court, Basildon, part of the portfolio which M&G has acquired.

M&G Real Estate has paid Patrizia £165 million for nine multi-let industrial assets in several regional UK towns.The deal is part of a continued strategic plan to acquire small unit industrial and last mile logistics property at scale, M&G said.

The assets will be added to M&G’s Project King platform, which is a partnership with asset management company M7.

“This significant transaction complements our vision to expand the Project King portfolio and enhances our existing £3.25 billion exposure to a sector which is characterised by resilience and outperformance and is ideally positioned to benefit from existing and future structural and macro-economic trends,” said M&G Real Estate’s head of capital solutions and UK commercial Peter Riley.

M&G acquired a portfolio of 40 units in England, Scotland and Wales in 2013 to access the small unit industrial and last mile logistics sector in response to the rapid expansion of online retailing.