M7 Real Estate’s latest European office and logistic value-add real estate fund has acquired its first asset.

The manager said the M7 CEREF II fund has bought a multi-tenanted 12,672sqft office building in Katowice, in south-east Poland.

M7 said the fund has held its first close and expects to raise up to €100m during the third quarter of the year. The target size of the fund is €150m to €200m with leverage.

The fund intends to invest in key central European markets, including Poland, Hungary, Croatia and the Czech Republic.

Katarzyna Parkot, managing director, Poland at M7 said: “The major Central European economies have continued to grow strongly over recent years and this particular asset, while in line with our strategy of investing in offices with upside potential through active asset management, also benefits from a defensive income profile and diversified occupier line up.

“The acquisition is also reflective of our ability to execute transactions in more challenging situations.”

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