UNDERLINING its confidence in the region, M7 Real Estate has completed the purchase of two North-East office parks: one at Mandale Business Park, the other at Waverley.

Mandale Business Park, Durham, a multi-let office park investment comprising 12 buildings totalling 52,039sq.ft, was acquired for £5.25m, reflecting 10.79 per cent NIY.

Waverley, Market Dock in South Shields – a multi-let office park investment comprising 10 self-contained buildings totalling 18,885sq.ft – was acquired for £1.2m, reflecting 10.33 per cent NIY.

DTZ represented the vendor on South Shields, City & Northern.

“These two deals typify the trend we are seeing for oversees and institutional capital investors seeking out deals in the North-East,” said Peter Atkinson, Investment Director at DTZ.

“With the region offering comparatively attractive yields, underpinned by improving occupational markets, this is a trend we expect to continue for some time to come.”

Will Hunting, asset manager from M7 Real Estate, said: “We are very pleased with these acquisitions which appealed to us as they have strong growth prospects, fit our strategy perfectly and will be accretive to the fund.”

DTZ advised M7 Real Estate on the Durham purchase and GVA represented the vendor.

Mandale DTZ advised the vendor and Lexicon Cole advised M7 Real Estate on the South Shields acquisition.