8 Jul 2016
M7 Drives Occupancy of Wormerveer Business Parks in the Netherlands to 90%
8 July 2016 – M7 Real Estate, the pan-European real estate investor and asset manager, on behalf of Mbay, its joint venture with HIG Bayside, announces that it has secured 13 new lettings totalling more than 4,000 sq m, across a portfolio of business parks in Wormerveer, improving the combined occupancy to 90%. The three parks are located on the Industrieweg in the ‘Molletjesveer’, a prominent industrial area in Wormerveer, which is 20km north of Amsterdam.
MBay acquired the De Woudaap, the Une de Mai and the Prestige business parks in 2014, and following acquisition completed a substantial asset management programme, including refurbishment, a new flexible lettings strategy and a relaunched leasing campaign. As a result of this activity, occupancy across the three properties has been driven from 75% to over 90%.
At De Woudaap, M7 has agreed a number of new leases to companies and has re-geared leases with a number of existing tenants and it is now 100% let, improving occupancy by 34%. Following the signing of a new tenant and the renewal of three leases Une de Mai is now 82% occupied with two vacant units totaling 1,200sqm, one of which is under offer. M7 is working with key tenants at Prestige to expand their presence at the park, against a backdrop of demand for high quality space in the region.
Femke van Oest at M7 Real Estate commented: “We continue to see strong occupier demand across the Netherlands, appetite driven for small refurbished units with flexible lease terms driven by the increase in SME businesses in Wormerveer and wider Randstad region.”
“We acquired the business parks in 2014, having recognised the strong fundamentals offered by the industrial market in Wormerveer, combined with the opportunity to create further value through the application of a proactive asset management programme. Our efforts are already bearing fruit as evidenced by the fact that we have increased occupancy to 90%, with strong interest in the remaining space.”