M7 buys The Mailbox for close to £190m

M7 has bought Brockton Capital’s The Mailbox for close to £190m.

CBRE has been acting for Brockton and partner Milligan on the sale of the giant estate, which is 95% let to a string of high-profile tenants. The estate is understood to be the largest city centre mixed-use scheme outside of London.

Richard Croft, Executive Chairman of M7, said: “The Mailbox is a first class asset in a strong location in the UK’s second largest city and the acquisition is in line with M7’s focus on assets in regional locations, a strategy which is underpinned by a number of key drivers that support tenant demand including occupier affordability, particularly compared to London, as well as improved communications and connectivity. Brockton Capital and Milligan Retail have done a fantastic job in bringing The Mailbox forward and we now look forward to picking up the mantel and executing a number of further asset management initiatives we have identified for the property.”