A portfolio of eight freehold motorway service areas has been put up for sale by global investment firm M3 Capital Partners.

The company has appointed real estate advisor CBRE to sell the sites, which are all operated by Welcome Break, on long triple net leases.

According to CBRE Welcome Break has invested significantly in development of the portfolio over the last eight years.

It said the buyer would own a significant portion of all freehold MSAs in the UK, outside of government ownership.

The freeholds for sale include include M40 Oxford, M3 Fleet, M42 Hopwood and M62 Hartshead Moor and, according to CBRE it is thought that the portfolio will sell for more than £500m.

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