APAM joins M7 in secondary venture

Asset management specialists M7 Real Estate and APAM have set up a joint venture to target the recovering UK secondary offices markets.

APAM7 will look for both acquisitions and work-out advisory business and will also seek third-party capital.

M7, founded by Richard Croft, specialises in multi-let industrial property and invests mainly through joint ventures.

APAM, set up by David Russell, Simon Cooke and William Powell, has more expertise in secondary offices and retail and has focused on work-outs for banks.

In a separate initiative, M7 has launched  another joint venture to invest in the UK industrial market, with Starwood Capital.

MStar has the capacity to invest £100m, including debt, and has bought 13 estates from nine vendors for £25m.