6 Apr 2022
M7 completes 12 new lettings totalling 2,800 sq m at Ateliers H, a mixed light industrial and office asset near Paris, France
M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has agreed 12 new lettings totalling c. 2,800 sq m of space at Ateliers H, a newly refurbished mixed light industrial and office asset in Herblay, France, on behalf of an institutional separate account mandate.
Having acquired the property in June 2021 with an occupancy of 30% M7 carried out a comprehensive refurbishment including the parking areas, facades, common areas, vacant units, as well as installing a lift and providing internal and external seating areas in the common areas. The recent lettings take the overall occupancy to 70% with several ongoing negotiations at advanced stages.
Located only 20 kilometres northwest of Paris, the asset comprises c. 6,700 sq m and is serviced by good transport links with access to the main arterial routes surrounding the French Capital. Ateliers H’s occupiers at the property are primarily SMEs with a wide range of activities, including a creche, a training centre, a perfume manufacturer, a clothing recycler and a commercial flower arranger.
Kahina Achour-Tani, asset manager of M7 Real Estate, commented: “Following the successful refurbishment of the building, these recent deals see us achieving a 40% increase in occupancy at Ateliers H, which was in line with our strategy for the asset. The ongoing leasing momentum is testament to our asset management team and creates significant value for the investor alongside a strong income stream. We continue to experience a good level of occupier interest and remain focused on letting up the remainder of the space.”