Monday, 23 March 2015
M7-Starwood Capital Group joint venture acquires light industrial properties for €74.5 mln (DE/NL)
MStar Europe, the joint venture set up by M7 Real Estate and Starwood Capital Group’s Starwood Global Opportunity Fund X (SOF X) to invest in high-yielding, multi-let assets in Continental Europe, announces that it has agreed to acquire or has completed the purchase of 17 properties in Germany and the Netherlands. The assets were acquired from multiple owners and have a total combined purchase price of €74.5 mln.
MStar Europe purchased nine light industrial properties in Germany in the vicinity of Cologne, Düsseldorf, Frankfurt and Stuttgart, with two more transactions pending completion, while the six Dutch assets acquired are located close to Amsterdam, The Hague, Rotterdam and Utrecht. The assets comprise a total of approximately 181,000 m² of lettable space (7.7% of which is vacant) occupied by 79 tenants. M7 Real Estate advised on the purchases and will manage the assets.
Source: Bellier Financial