M7 Real Estate, the pan European investor and asset manager which specialises in the regional, multi-let real estate market, announces that it has invested a further €55m in 15 assets throughout the Netherlands on behalf of M7 European Real Estate Investment Partners IV.
The acquisitions were made across five separate transactions, the largest of which was a portfolio which was bought for €38.3m. This comprises 51,500 m² of office space across 11 assets in key locations, including Amsterdam and Hilversum, Enschede and Weesp, with a combined occupancy rate of 79.9%. 40% of the income is derived from government bodies, with further tenants including KPMG and ASUS.
In addition, M7 has acquired three individual assets. Twenteplein 1, a 9,493 m² multi-let office and retail building in Almelo, in the eastern Netherlands, has been acquired for €8.332m. The asset currently has a vacancy rate of 18.5%, and M7 has identified a number of opportunities to drive value through a targeted capex programme and the letting of vacant space.
Dalsteindreef 141, a 3,583-m² modern office building in Diemen, south east Amsterdam, has been acquired for €3.75m. The asset is 91% let to four tenants, including Regus which occupies 980 m² (on a lease expiring in 2024). It is well-located with good transport links including proximity to the local train station, in an Amsterdam submarket characterised by low office supply.
Strijkviertel 27, Utrecht, a modern, single let warehouse in the established Utrecht submarket of De Meern, has been acquired for €2.44m.
Klompenmarkerstraat 3-5, a 2,903 m² fully let office and warehouse property in Ridderkerk, near Rotterdam, has been acquired for €2.4m.
Commenting on the purchases, David Ebbrell, M7’s Chief Investment Officer, said: “These most recent acquisitions for EREIP IV illustrate M7’s commitment to diversifying its pan-European portfolio, presenting exciting opportunities to enhance capital and rental values. We continue to explore a number of compelling investment opportunities across the Continent and have a number of potential acquisitions in the pipeline.”
