M7 sells 26,000 sq m office-led mixed use portfolio in France to Foncière Pierreval

M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has sold a c. 26,000 sq m office-led mixed use portfolio of 10 assets in Greater Paris, France, to Foncière Pierreval, a French property investment company.

The portfolio comprises a total of over 26,000 sq m, spread across 10 assets, with occupancy of 76% and a blended WALT of more than five years.

Since acquiring the assets in June 2021, M7 has undertaken a number of active asset management initiatives to increase the portfolio’s occupancy, including carrying out building works, letting up vacant space and regearing leases with key occupiers. At Herblay, a 6,700 sq m mixed use office and industrial asset, M7’s strategy increased the occupancy from 27% at acquisition to 73% through active marketing and asset management.

Following the sale, M7 manages a total of €165 million of assets across 136,000 sq m of industrial & logistics and retail warehouse space in France.

George Keyes, Director – Investment at M7 Real Estate, commented: “Successfully selling a portfolio during a period of low market liquidity is a significant achievement and demonstrates M7’s ability to execute transactions and unlock value for our investors, even in challenging and constrained market conditions. France remains a key market for M7 and we have ambitions to continue deploying capital into high conviction sectors, as the right opportunities arise.”

M7 was advised by BNP Paribas Real Estate.