M7 purchases €55 million of Dutch assets for M7 EREIP IV

15 May 2017

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 €55 million in 15 assets throughout the Netherlands on behalf of M7 European Real Estate Investment Partners IV (“M7 EREIP IV” or the “Fund”).

The acquisitions were made across five separate transactions, the largest of which was a portfolio which was bought for €38.3 million. This comprises 51,500 sq m 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 sq m multi-let office and retail building in Almelo, in the eastern Netherlands, has been acquired for €8.332 million. 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-sq m modern office building in Diemen, south east Amsterdam, has been acquired for €3.75 million. The asset is 91% let to four tenants, including Regus which occupies 980 sq m (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 €2.44 million.

Klompenmarkerstraat 3-5, a 2,903 sq m fully let office and warehouse property in Ridderkerk, near Rotterdam, has been acquired for €2.4 million.

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.”

Van Doorne, Savills and Ambiente provided legal, technical and environmental advice respectively to M7 on all of the acquisitions; Savills acted for M7 on the Twenteplein 1, Almelo acquisition, Spring RE acted for M7 on the acquisition of Dalsteindreef 141, Diemen, while Van de Graaff Vastgoed acted for M7 on purchase of Strijkviertel 27, Utrecht.

 
 

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