M7 Real Estate has advised MStar Europe, a joint venture of M7 Real Estate and a controlled affiliate of Starwood Capital Group, on the purchase of an additional German light industrial portfolio for around €35.3 mln.
The portfolio, which comprises three properties in North Rhine-Westphalia, two in Erkrath and one in Neuss, has a total lettable area of around 60,000 m² and is currently let to 21 tenants. The vendor is the loan servicer, Lapithus. The transaction was brokered by Realogis Dusseldorf.
Alyssa Huse, director of M7 Real Estate Germany GmbH: “This means that the German portfolio managed by M7 Real Estate now has a total value of around €160 mln. We have made offers totalling around €50 mln for further properties that are also destined for MStar Europe. At the moment, we are also examining the purchase of several retail properties, with a total value of around 45 mln, for a new fund. We will announce more details of this in the next few weeks.”
Source: M7 Real Estate