14 Jul 2016
M7 doubles occupancy at industrial estate in Aalsmeer, the Netherlands
London, 14 July 2016 – M7 Real Estate, the pan-European real estate investor and asset manager, acting on behalf of its joint venture MStar Europe, announces that following a highly proactive asset management programme it has increased the occupancy of Lakenblekersraat 30–62, Aalsmeer in the Netherlands by 48% since acquisition, taking the multi-let industrial property to 98% let.
MStar Europe acquired Lakenblekersraat 30–62 in July 2014 for €3.45 million. Located in the Randstad, a prominent industrial region in the Netherlands, the property comprises two terraces of multi let industrial units totaling 17,840 sqm of office and warehouse space across 14 units. At acquisition it was 50% vacant and required significant upgrading. Since then, M7 has successfully implemented an active asset management plan, including the refurbishment of vacant units and extensive restoration to the exterior of the assets, with further plans to renovate the façade.
As a result of this activity, M7 has delivered new leases across 9,843 sq m, including the expansion of Burgers Carosserie B.V., the property’s largest tenant, which has taken an additional 4,224 sqm on a new five year lease. Another recent letting includes Marine Trading International B.V. which has taken 1,214 sq m on a five year lease. There is currently only one unit of 333 sq m of office space available, equivalent to 2% of the property.
Mstar Europe was established to acquire multi-let light industrial assets across Europe. The entire portfolio comprises c. 654,000 sq m with a total of 439 tenants. M7 Real Estate is the appointed asset manager to MStar Europe.
Jack Thoms at M7 Real Estate commented: “The dramatic increase in occupancy across these industrial units in Aalsmeer is a strong endorsement of both M7’s ability to identify opportunities to create value and deliver a successful strategy, as well as the continued appetite for high quality industrial space in the Netherlands. We are in negotiations with a tenant for the remaining space, which would take the property to 100% occupancy ahead of our business plan target.”