M7 Real Estate is under offer to buy a portfolio of predominantly out-of-town retail parks, known as the Alpha portfolio, which offers a much more attractive yield than that of the industrial assets it usually invests in.

It has struck a deal with Cromwell Property Group to buy the portfolio of five out-of-town retail warehouses, one in-town retail unit, a leisure asset and a car showroom for around £68m, reflecting a yield of around 7.15%.

The deal reflects a growing trend of real estate investors targeting retail warehouses as industrial yields sharpen to record lows.