Following its acquisition of a €79m portfolio of logistics and light industrial assets in Central Europe (“CE”), an investment vehicle advised and managed by Macquarie Infrastructure and Real Assets (“MIRA”) announces that M7 Real Estate (“M7”), the asset manager of the portfolio, has begun implementing a proactive asset management strategy and a capital expenditure programme which includes the launch of the four assets under one new brand, Vector Parks.
The high quality portfolio, which was acquired from HB Reavis in June 2016, is currently let to a multinational blue-chip tenant base, including DHL, UPS, Martinrea and Iron Mountain. MIRA, together with M7, has identified a number of asset management initiatives across the portfolio including refurbishment, lease re-gears and the letting of vacant space. It is anticipated that this, along with the capital expenditure programme and rebranding, will reposition these assets in the market, raising their profile significantly.
In addition, M7 is currently analyzing the opportunity to add further lettable space to the portfolio in response to the demand for high quality logistics and light industrial accommodation in the CE region. Plans include the extension of an asset in Ostrava, Czech Republic, by 12,960m², as well as an additional 5,800m² in Presov, Slovakia.
The newly branded Vector Parks portfolio covers four key European logistics locations in Slovakia and the Czech Republic, with a strong focus on the area surrounding Bratislava in Slovakia, with both Raca and Svaty Jur located close to the capital, as well as the gateway city of Presov, the third largest city in the country. In addition, there is a fourth site located in the Czech Republic with direct access to the expanding airport at Ostava.
Jack Thoms at M7 Real Estate commented: “To be selected by such a well-respected international investor as Macquarie as the partner for its first real estate investment in the region is strong recognition of M7’s track record of delivering value from investing in and asset managing multi-let properties across Europe.
By bringing the portfolio under one brand – Vector Parks – we believe we can deliver to the market a recognised, high quality, strategically located portfolio of logistics/light industrial assets that can provide a platform for growth in this under-supplied region.”
JLL will act as property manager across the portfolio.
