M7 Real Estate (M7) has sold a 26,000 m2 m office-led mixed use portfolio of 10 assets in Greater Paris, France, to Foncière Pierreval, a French property investment company, for an undisclosed amount.
The portfolio comprises a total of over 26,000 m2, spread across 10 assets, with occupancy of 76% and a blended WALT of more than five years.
Since acquiring the assets in June 2021, M7 has undertaken a number of active asset management initiatives to increase the portfolio’s occupancy, including carrying out building works, letting up vacant space and regearing leases with key occupiers. At Herblay, a 6,700 m2 mixed use office and industrial asset, M7’s strategy increased the occupancy from 27% at acquisition to 73% through active marketing and asset management.
Following the sale, M7 manages a total of €165 mln of assets across 136,000 m2 of industrial & logistics and retail warehouse space in France.
George Keyes, director - investment at M7 Real Estate, commented: 'Successfully selling a portfolio during a period of low market liquidity is a significant achievement and demonstrates M7’s ability to execute transactions and unlock value for our investors, even in challenging and constrained market conditions. France remains a key market for M7 and we have ambitions to continue deploying capital into high conviction sectors, as the right opportunities arise.'
M7 was advised by BNP Paribas Real Estate.
