MStar invests €35m in German light industrial assets

MStar Europe, a joint venture of M7 Real Estate and Starwood Capital Group, has acquired a portfolio of light industrial properties in Germany for €35 mln.

The portfolio comprises two assets in Erkrath and one in Neuss in North Rhine-Westphalia. The portfolio has a total lettable area of 60,000 m2 and is currently let to 21 tenants. The vendor is the loan servicer, Lapithus. The transaction was brokered by Realogis Dusseldorf.

Alyssa Huse, director of M7 Real Estate Germany, said: “This [transaction] means that the German portfolio managed by M7 Real Estate now has a total value of around €160 mln. We have made offers totalling around €50 mln for further properties that are also destined for MStar Europe. At the moment, we are also examining the purchase of several retail properties, with a total value of around €45 mln for a new fund. We will announce more details of this in the next few weeks.'