M7 Real Estate (M7), acting on behalf of M7 Islay, have sold of a 5,000m², multi-let office building in Amersfoort, Utrecht, the Netherlands, to Bakkers Hommen for €6.9m. Having acquired the asset in 2016, M7 undertook renovation works to the property, relocating exiting occupiers and reconfiguring the internal space. This led to M7 signing approx. 2,000m² to new occupiers and renewing contracts with existing tenants, including the Royal Dutch Society for Physical Therapy, which agreed to a 10-year lease and uses the building as its headquarters. As a result of M7’s asset management strategy, the occupancy of the building increased to over 90% from 55%, with a WALT of 3.37 years.
M7 ISLAY is a discretionary fund aimed at high net worth individuals, family offices and institutional investors. The Fund, which comprises c. €330m of assets under management, is invested in industrial, retail and office properties in Germany and the Netherlands, comprising a total of c. 355,000m² of lettable space.
Niels Bruijninckx, Senior Asset Manager at M7 Netherlands commented: “Having completed our business plan for this asset, we are pleased to have agreed the sale to Bakkers Hommen. The sale crystallises a significant uplift for our investors ahead of our expectations and demonstrates the strong demand for good quality medium-sized inner-city offices close to residential areas.”