M7 Real Estate (M7) has sold a c. 26,000m2 office-led mixed-use portfolio of 10 assets in Greater Paris, France, to Fonciere Pierreval, a French property investment company. The portfolio comprises 10 assets, with occupancy of 76% and a blended WALT of more than five years.
Since acquiring the assets in June 2021, M7 has undertaken several active asset management initiatives to increase the portfolio’s occupancy, including carrying out building works, letting up vacant space and regearing leases with key occupiers. At Herblay, a 6,700m2 mixed use office and industrial asset, M7’s strategy increased the occupancy from 27% at acquisition to 73% through active marketing and asset management.
Following the sale, M7 manages a total of €165m of assets across 136,000m2 of industrial & logistics and retail warehouse space in France.
George Keyes, Director - Investment at M7 Real Estate, commented: “Successfully selling a portfolio during a period of low market liquidity is a significant achievement and demonstrates M7’s ability to execute transactions and unlock value for our investors, even in challenging and constrained market conditions. France remains a key market for M7, and we have ambitions to continue deploying capital into high conviction sectors, as the right opportunities arise.”
M7 was advised by BNP Paribas Real Estate.
Written by Leon Goldwater for Europe Real Estate.
Image source - M7.
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