M7 acquires 15 assets in the Netherlands for Fund III

Investment manager M7 Real Estate has acquired a portfolio of 15 assets across three separate transactions in the Netherlands on behalf of its of its latest European investment fund, M7 European Real Estate Investment Partners III (M7 EREIP III).

Financial details were not disclosed.

These transactions involve the acquisition of the Frontier building in Delft, a fully let 10,000 m2 office building in the Delftechpark, purchased from Synchroon, as well as the Ten portfolio from Stichting Achmea Dutch Office Fund and the North portfolio from Retail Fund North.

The Ten portfolio consists of 10 office and business space assets located throughout the Netherlands, including Almere, Amersfoort, Arnhem, Breda and Maastricht, across a total of 48,480 m2. The portfolio is currently 67.6% let to 28 tenants, with major occupiers including Oranjewoud, Peek Traffic, Perfect Call, VGZ and DAS.

The North portfolio consists of four retail parks in Assen, Drachten, Emmen and Emmeloord, across a total of 100,000 m2 retail/warehouse space. The portfolio is 80% let to 55 tenants.

Following the deals, M7 EREIP III's portfolio size has reached 182,000 m2. The fund has a value add-led strategy and targets assets that 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 mln at its first close in December 2015.

Jones Lang La Salle advised Stichting Achmea. Van Doorne acted as real estate legal adviser to M7 EREIP III.