M7 Real Estate has bought a portfolio of Dutch office and retail properties for its value-add fund.
The asset manager invested in 15 assets through three separate transactions in the Netherlands.
The properties were bought for its European Real Estate Investment Partners III vehicle, for which the company raised an initial €80m in December last year.
Richard Croft, M7’s chief executive, said the properties presented “plenty of opportunities” to add value through asset management initiatives including refurbishments, lease extensions and the letting of current vacant space.
It bought 10 office assets – in Almere, Amersfoort, Arnhem, Breda and Maastricht – with more than 32% vacancy.
The 48,480sqm is 67.6% let to 28 tenants.
The company has also acquired a 100,000sqm portfolio of four retail parks – in Assen, Drachten, Emmen and Emmeloord.
The portfolio, let to 55 tenants, is 80% let.