M7 Real Estate, the pan-European investor and asset manager, has acquired a further €20 mln of assets in Budapest, Hungary on behalf of its first Central European fund for third party investors, M7 Central European Real Estate Fund I.
This follows the fund completing its final close, reaching its target raise of €60m of investor capital in April 2017, as well as the agreement of a €68.5 mln senior debt facility with Starwood European Real Estate Finance.
'As we continue to expand into CEE, these acquisitions are a further demonstration of the value that we see in the region, having now closed on a total of €84 mln of assets on behalf of M7 CEREF I,' commented David Ebbrell, CIO at M7. 'We have identified a further pipeline of acquisitions, and anticipate closing a further significant transaction in the near term.'
The recent deals include the Liget Center in Budapest, acquired from a fund managed by CBRE Global Investors. This multi-let property covers some 10,863 m2 of office space in the centre of Budapest.
In addition, M7 has acquired a 24,598 m2 multi tenanted industrial property in Gödöll, Budapest, from Omega Real Estate Fund. Located circa. 30 km from the centre of Budapest, the property is currently 85% occupied to three international tenants. The company said it planned to add value through negotiating lease prolongations with existing tenants as well as repositioning of underutilised and void space.
