M7 Real Estate has acquired a collective portfolio of 15 assets across three separate transactions in the Netherlands on behalf of its latest European investment fund M7 European Real Estate Investment Partners III.
These transactions comprise the acquisition of the Frontier building in Delft, a fully let 10,000 m² office building in the Delftechpark, purchased from Synchroon B.V., as well as the TEN portfolio from Stichting Achmea Dutch Office Fund and the North portfolio from Retail Fund North B.V.
The TEN portfolio consists of 10 office and business space assets located throughout the Netherlands, including Almere, Amersfoort, Arnhem, Breda and Maastricht, across a total of 48,480m². The portfolio is currently 67.6% let to 28 tenants. The North portfolio consists of four retail parks in Assen, Drachten, Emmen and Emmeloord, across a total of approximately 100,000m² retail/warehouse space. The portfolio is 80% let to 55 tenants.
M7 EREIP III now has a total portfolio size of approximately 182,000m². The fund has a value add-led strategy and targets 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. It had received investor commitments totaling over €80m at first close in December 2015.
Richard Croft, M7’s chief executive said “Following the first close of EREIP III in January, these most recent acquisitions continue to endorse the capability of our pan-European investment and asset management platform to identify assets with both solid foundations and the opportunity to add value across multiple sectors and countries. These properties present plenty of opportunities to add value through a variety of asset management initiatives including refurbishments, lease extensions and the letting of current vacant space.”
JLL advised Stichting Achmea. Van Doorne acted as real estate legal adviser to M7 EREIP III.
