M7 Real Estate , the pan-European investor and asset manager, announces the sale of Aerozone Logistics Park in Budapest, Hungary, to a South African investor, JTRoss Group on behalf of M7 Central European Real Estate Fund I .
M7 acquired the asset, which comprises 50,000 sq m of multi-let logistics space across three main units with an additional 15,000 sq m of office accommodation, in March 2017. Having implemented a comprehensive asset management strategy, M7 has let 10,000 sq m of vacant space, increasing the occupancy of the logistics and office space to 100% (up from 80%) and 75% (up from 50%) respectively since acquisition.
New occupiers include a global financial and retail technology business and a logistics provider. Over 50% of existing leases on the park have also been renewed and extended on improved terms over the period.
Paul Betts, Managing Director M7 CEE, commented: “We have now disposed of nine of the 21 assets in M7 CEREF I, with a further six assets under offer. We expect to dispose of the remainder before the year end. These disposals are happening in tandem with an acquisition programme where we have added €120 million of assets to the M7 POLAF I fund in the last three months. The Central European markets continue to grow and offer attractive returns for our investors.”
M7 Real Estate Ltd is a pan-European investor and asset manager specialised in multi-let real estate. M7’s team consists of over 250 staff operating across a platform spanning 13 countries comprising the UK, Croatia, Czech Republic, Denmark, Finland, France, Germany, Hungary, Luxembourg, the Netherlands, Poland, Portugal and Slovakia.
Established in 2009 and wholly owned by its senior managers, M7 manages a portfolio of c.1,400 assets comprising 119 million sq ft of GLA with a capital value in excess of €8.5 billion.
Source : Company