M7 Real Estate, the pan-European real estate investor and asset manager, announces that, on behalf of M7 European Real Estate Investment Partners III (“M7 EREIP III” or the “Fund”), it has acquired two fully let German logistics properties for €11.3m from berlinovo Immobilien Gesellschaft mbH. At its final close in June 2016, EREIP III had received total commitments of approximately €125m, giving the fund a total acquisition capacity of close to €300m.
The fund has acquired a 24,640m² warehouse and logistics centre in Rodgau, near Frankfurt. The property comprises 24,366m² of storage and 274m² of office accommodation and is fully let to German supermarket giant REWE Markt GmbH. The second property in the transaction is the purchase of a 6,542m² warehouse and logistics centre in the Heumar area of Cologne that is fully let to TNT Innight GmbH & Co. KG, the overnight distribution arm of global logistics firm the TNT group.
Following the acquisition of the two logistics properties, the Fund now owns c. 446,929m², across 60 assets in Germany and the Netherlands, with a combined value of circa €234.7m. M7 EREIP III has a Value Add-led strategy and comprises assets that offer both sustainable income streams and asset management opportunities in the retail, office and the multi-let industrial sectors in both Germany and the Netherlands.
David Ebbrell, Director and Head of Transactions at M7 Real Estate commented: “At the final close of EREIP III we had identified a pipeline of opportunities in our target markets, which we are now in the process of completing and these acquisitions mark the latest step in the process. With the remainder of the portfolio identified we will be announcing the final acquisitions over the next couple of months.”
The purchaser’s legal advisers were Simmons & Simmons, Greenberg acted for the vendor, Gleeds carried out the technical due diligence, Ambiente International LLP was responsible for the environmental due diligence and the deal was brokered by agents Catella Property.
ENDS
