M7 Real Estate has sold Ketelweg 20-24, a mixed-used industrial and office asset in Papendrecht, the Netherlands, to Sagax Nederland for €11.3m. The asset, which comprises c. 5,600m² of industrial space and c. 4,600m² of office space across three buildings, was acquired by M7 in 2015. Following a full refurbishment taking into consideration the occupier’s requirements (including the external landscaping), it was fully re-let on a long term lease to PON Power B. V., the Caterpillar engine dealer.
Christiaan Ilias, Senior Asset Manager at M7 Netherlands, commented: “The asset management strategy we implemented at Ketelweg 20-24 has enhanced the value of this investment. By having a local team on the ground, with a strong relationship with the occupier, we were able to renew the lease. Despite the backdrop of the pandemic we have realised an attractive return for the Fund’s investors with the sale of the asset.”
