M7 Real Estate said on Wednesday that its EREIP IV fund has sold a logistics property in Neu Wulmstorf, near Hamburg, to Crossbay, a pan-European last mile logistics platform managed by Mark (formerly Meyer Bergman). Financial details were not disclosed.
The property, built in 1997, is situated at Gottlieb-Daimler-Strasse and comprises a total of 8,500 m2 of production and warehouse space. The asset is well located for light industrial use and is fully let to a single tenant.
M7 has acted as asset manager since acquiring the property on behalf of M7 EREIP IV in 2017.
‘By spending capex on refurbishment works we have considerably increased the property’s value since acquisition,’ said Alyssa Huse, managing director of M7 Real Estate Germany. ‘In accordance with the fund's business plan, we have taken advantage of the current liquidity in the investment market to sell the asset and generate an attractive return for investors.’
M7 EREIP IV is a discretionary fund, which is designed for high net worth, globally active private investors, Family offices and institutional investors. It has invested in multi-tenanted commercial properties in Germany, the Netherlands, Ireland and Scandinavia. M7 is a co-investor, as well as acting as the fund’s investment and asset manager.
