M7 Real Estate has announced the sale of a warehouse totalling 15,000 m2 in Remels, northern Germany, on behalf of a separate account mandate; Azure which targets investments in Germany and the UK.
M7 acquired the asset, which includes 1,089 m2 of office space, in Remels on behalf of the mandate and since that time has executed its business plan by re-letting the vacant warehouse space generating long-term income, increasing the overall occupancy of the asset from 50% to 89% and extending the weighted average unexpired lease term to three years.
Richard Fletcher, director Transactions – Germany at M7 Real Estate, commented: 'When we acquired this asset, we identified an opportunity to leverage our local market asset management expertise to lease the previously vacant warehouse space in its entirety. After successfully executing the business plan, we concluded that now was a good time to dispose of the property to crystalise value for our client.'
M7 was advised by Logivest.
