M7 Real Estate and Europa Capital Partners have exchanged contracts to buy three industrial estates in Swindon, Basildon and Tipton.

Their joint venture, the Light Industrial Property Partnership (LIPP), paid £14m for the three multi-let light industrial estates from three separate sellers.

It bought the estates at a net initial yield of more than 11% with debt provided by West Immo.

The joint venture has now spent £30m on six industrial estates since it was first set up in August, having already bought estates in Milton Keynes, Tewkesbury and Didcot.The partnership, which has a spending capacity of £130m is understood to have a further £20m of estates under offer and plans to spend £70m by the end of the year.

M7 was set up by Halverton founder Richard Croft earlier this year.

Croft, CEO of M7, said: “We continue to search for assets that fit the business model of LIPP but continue to remain highly selective for our asset purchasing.”