M7 Real Estate , the pan-European investor and asset manager, announces the off-market sale, on behalf of M7 ISLAY of a portfolio of 27 retail properties in Germany, to the FIM Unternehmensgruppe for €86.4 million.
The portfolio, which includes a mix of high quality, food anchored tenants, comprises a total rental area of 72,594 sq m. The assets are 92% let to a range of occupiers including Lidl, Netto, Edeka, Rewe, Dänisches Bettenlager and SIEMES Schuhcenter GmbH & Co. KG. The largest single asset, which is on Hildesheimer -Strasse in Hannover, comprises 10,710 sq m of space.
Having acquired the properties in separate transactions over 2015 to 2016 on behalf of the Fund, M7 implemented an active management strategy involving capex projects, securing new leases and restructuring existing leases As a result, M7 has increased the occupancy of the portfolio from 80% to 92% and extended the unexpired lease term to 6 years.
M7 ISLAY is a discretionary fund aimed at high net worth individuals, family offices and institutional investors. The Fund invested around €440 million in industrial, retail and office properties in Germany and the Netherlands, comprising a total of c. 453,000 sq m of lettable space.
Source : Company