South African investor JTRoss Group has acquired the Aerozone Logistics Park in Hungary from M7 Real Estate’s Central European Real Estate Fund I (M7 CEREF I).
M7 said it sold the multi-let logistics asset in Budapest to JTRoss for an undisclosed sum.
Aerozone Logistics Park comprises 50,000sqm of logistics space across three main units with an additional 15,000sqm of office accommodation,
M7 acquired the asset in March 2017 and increased the occupancy of the logistics and office space to 100% (up from 80%) and 75% (up from 50%) respectively since acquisition.
Balazs Magyar, managing director M7 Hungary, said: “Within a short period of time we have significantly improved the performance of Aerozone Logistics Park and, with our initial asset management strategy now concluded, have crystallised value for our investors.“
Magyar said M7 remains very active in Central Europe, including in Hungary where it manages about €100m of office and industrial assets.
“We are seeking new investments in all sectors where we can use our asset management skills to enhance value,” Magyar said.
Paul Betts, managing director M7 CEE, said the company has now disposed of nine of the 21 assets in M7 CEREF I, with a further six assets under offer, adding that the company expects to dispose of the remainder before the year-end.
“These disposals are happening in tandem with an acquisition programme where we have added €120m of assets to M7’s Polish Active Fund I in the last three months, Betts said.
“The Central European markets continue to grow and offer attractive returns for our investors.”