M7 Real Estate, the pan-European real estate investor and asset manager, announced that it has acquired a portfolio of 17 assets across the Netherlands on behalf of its latest European investment fund, M7 European Real Estate Investment Partners III (“M7 EREIP III” or the “Fund”), from a fund managed by CBRE Global Investors.
The portfolio comprises 13 office and four industrial assets located in the Netherlands’ across cities including Amsterdam, Utrecht, The Hague and Rotterdam, as well as Amersfoort. The portfolio generates €4.8 million of rental income per annum from c.1.1 million sq ft of gross leasable area and has a WAULT of 9.16 years. Existing tenants include Beate Uhse, Van Heck, Dr Oetker and The Salvation Army.
The portfolio offers M7 the opportunity to apply its asset management expertise to add value through targeted capex initiatives, as well as the repositioning and letting of vacant units, in line with M7 EREIP III’s strategy.
The acquisition brings M7 EREIP III’s total portfolio to c. 3.06 million sq ft across 29 office, 4 retail and 4 industrial assets. The Fund targets assets which offer both sustainable income streams and asset management opportunities in the retail, office and the multi-let industrial sectors in both Germany and the Netherlands. It had received investor commitments totaling over €80 million at its first close in December 2015.
Richard Croft, M7’s Chief Executive said: “These assets provide a strong mix of core income coupled with opportunities to drive value through refurbishments and rental growth, and we look forward to working with this portfolio to develop high quality assets that produce meaningful income and total returns for our investors.”