European investor and asset manager M7 Real Estate has announced the sale of Forum Marburg, in Marburg, Hesse, Germany, to Silberbaum Capital for an undisclosed amount.
The sale, which was made on behalf of the M7 Islay fund, marks the completion of an asset management programme on the asset which was bought in summer 2016. ‘When we acquired Forum Marburg, the leases had short remaining terms and the property was around 30% vacant,’ said Alyssa Huse, managing director of M7 Real Estate Germany. ‘Using targeted marketing initiatives together with our strong local market presence, we were able to achieve full occupancy of the property, generating a stable cash flow in a short timeframe. The disposal of the asset is in line with the Fund’s business plan and secures an attractive return for the investors.’
The multi-tenanted office property, situated at Neue Kasseler Strasse 62, has a total lettable area of around 12,500 m2 and is fully occupied. The building’s major tenants are Siemens, Postbank Finanzberatung and the Marburg municipal authority.
M7 Islay is a discretionary fund that has invested around €440 mln in industrial, retail and office properties in Germany and the Netherlands. The properties have a total lettable area of 453,000 m2.
M7 recently sold a portfolio of 27 retail properties to FIM Unternehmensgruppe on behalf the fund.
