21 Mar 2017
M7 agrees over 22,500 sq m of lettings in Slovakia and the Czech Republic for Vector Parks
London, 21 March 2017 – M7 Real Estate (“M7”), the pan-European real estate investor and asset manager which specialises in the regional multi-let real estate market, announces that following a proactive asset management programme, it has agreed over 22,500 sq m of lettings since the CEE portfolio was acquired in June 2016 on behalf of Vector Parks. Vector Parks is the investment vehicle advised and managed by Macquarie Infrastructure and Real Assets (“MIRA”) for which M7 acts as asset manager.
M7 has completed a total of four leases across the portfolio, three of which are at the Raca asset in Bratislava. These include a new 6,350 sq m five year letting to Heineken International, as well as a three year renewal for 3,671 sq m with DHL which also saw the logistics company take an additional 912 sq m of warehouse space. The final letting in Raca was a new 1,500 sq m five year lease to Swiss logistics company Panalpina. In Presov, a city in Eastern Slovakia, M7 has agreed a three year renewal with CS Cargo for 5,040 sq m of space at Maly Saris, a logistics facility.
In addition to completing over 16,500 sq m of lettings and renewals, M7 has pre-agreed a further 6,340 sq m of lettings in Bratislava and the Czech Republic. In Svätý Jur, Bratislava, M7 has agreed terms to expand an exisiting tenant into a further 1,063 sq m on a long term lease and terms are also agreed to renew another tenant at the asset in circa 5,000 sq m. In the Czech Republic at Vector Parks Ostrava, a new five year lease has been agreed for 310 sq m.
For the next phase of its asset management programme, MIRA and M7 are exploring options to add further lettable space to the portfolio in response to the demand for high quality logistics and light industrial accommodation in the CEE region. Plans include the 12,960 sq m extension of the asset in Ostrava, as well as the addition of 5,800 sq of space in Presov, Slovakia.
Svetozar Rohon, Senior Asset Manager at M7 in Slovakia, commented: “Since acquisition, M7 and MIRA have undertaken a strategic asset management programme to deliver further value from the high quality portfolio, including the launch of the Vector Parks brand to provide cohesiveness to the assets, the letting of void space and the mitigation of risk through lease regears. We continue to capitalise on the supply-demand imbalance for quality logistics space in the CEE region in order to welcome new tenants to the high specification and strategic locations of Vector Parks.”