11 Aug 2015
M7 Real Estate Agrees 15-year Lease on 7,070 sq m Light Industrial Building
Frankfurt, August 11, 2015 – The MStar Europe fund, the joint venture set up by M7 Real Estate und Starwood Capital and managed by M7 Real Estate, has let an entire light industrial property in Herne, North Rhine-Westphalia, to atb-systemetiketten GmbH & Co. KG.
The property, which has a lettable area of around 7,070 sq m, was vacant when MStar Europe bought it at the end of 2014. A change of use and the investment of several hundred thousand Euros, jointly by the landlord and tenant, took place before the new tenant took occupation.
Situated in a commercial area, the property at Gewerkenstrasse 13 was formerly occupied as ware-house and logistics space. The new single tenant will use it for production purposes. It is, therefore, intended that the accommodation will be subdivided to give separate production and storage space. The office section has been completely refurbished and the sanitary facilities extended.
The lease is for a 15-year term.
Savills, one of the leading global real estate service providers, acted in an advisory and brokerage capacity.
M7 Real Estate currently manages 26 properties in Germany, with a total floor area of around 361,500 sq m and a total value of ca. €160 million.