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Blackstone, M7 Real Estate acquire UK industrial asset from Cording

Funds managed by Blackstone Group Inc. and M7 Real Estate Ltd. acquired an industrial estate in Wolverhampton, U.K., from Cording Real Estate Group Ltd.

The 114,913-square-foot Oxford Street Industrial Estate comprises nine industrial units. The seller re-geared a 56,000-square-foot lease with Wolverhampton Self Storage.

Cording also sold the 360,436-square-foot Hindley Green Business Park in Wigan to an unnamed private overseas investor.

Both transactions amounted to £20 million, reflecting a blended net initial yield of 8%.