M7 Real Estate has sold a logistics property in Neu Wulmstorf, near Hamburg. The purchaser is Crossbay, a pan-European last-mile logistics platform managed by MARK (formerly Meyer Bergman). The property, built in 1997, is situated at Gottlieb-Daimler-Strasse and comprises a total of 8,500m² of production and warehouse space. The asset is well located for light industrial use and is fully let to a single tenant. M7 has acted as asset manager since acquiring the property on behalf of M7 EREIP IV in 2017.
Alyssa Huse, Managing Director of M7 Real Estate Germany, commented: “By spending CAPEX on refurbishment works we have considerably increased the property’s value since acquisition. In accordance with the Fund's business plan, we have taken advantage of the current liquidity in the investment market to sell the asset and generate an attractive return for investors."
