M7 Real Estate (M7), the pan-European investor and asset manager, announces the sale of a light industrial property in Ottobrunn, Bavaria, on behalf ofM7 European Real Estate Investment Partners IV (“EREIP IV” or the “Fund”). The purchaser is part of the Accumulata Real Estate Group (“Accumulata”). The parties have agreed not to disclose the purchase price.
The asset has a lettable area of around 13,650 sq m and comprises a warehouse building with ancillary office space. The building, which was constructed in 1982, also provides 130 car parking spaces. Occupied on long leases by two strong covenants, Flugzeug-Union Süd GmbH and Carl Stahl Süd GmbH, the asset’s weighted average unexpired lease term (WAULT) is seven years.
M7 acquired the property on behalf of the Fund in 2017 when it also assumed the role of asset manager. Following the acquisition, M7 implemented an active asset management strategy, increasing the occupancy of the building to 92%.
Accumulata will be taking over as the long-term asset manager of the property.
Source : Company