8 Dec 2017

M7 Real Estate agrees leases on around 3,300 sq m for M7 EREIP I Fund

Frankfurt, 8 December 2017 − M7 Real Estate (M7), the pan-European investor and asset manager specialising in the regional multi-let real estate market, announces that it has concluded new leases and agreed lease extensions on a total of approximately 3,300 sq m of retail and office accommodation for its M7 EREIP I fund.

Over 1,100 sq m of space at Bauernstücke 1 in Friedeburg, northern Germany has been let on a 10 year lease to the television station, Friesischer Rundfunk. As a result of this letting, the former supermarket, dating from 1998, is now fully let. M7 acquired the property in 2016 and, in line with its business plan, has successfully implemented an office and studio use, achieving rents at market level.

In addition, Dänisches Bettenlager has expanded its space at Bavenstedter Straße 67, Hildesheim from 1,000 sq m to just under 1,750 sq m. The tenant will be investing in the property. M7 acquired the property in 2016 and converted the former discotheque, which was built in 2003, from multi-tenant occupation to a single-tenant property. The occupancy has been increased from 58%, when it was acquired last year, to 100%.

In Marktredwitz, Bavaria, TEDi has secured a lease on 460 sq m of retail accommodation in Waldershofer Strasse 53/55. The other tenants in the property, which dates from 2005, are Dänisches Bettenlager and KiK. Since acquiring the asset in 2016, M7 has doubled the average unexpired lease term on the 2,000 sq m metre property, which is now fully let. TEDi and KiK are currently implementing new sales concepts in the building.

The properties are part of the M7 European Real Estate Investment Partners I (M7 EREIP I) fund portfolio. M7 EREIP I, which was launched in 2015, is a value-add fund, aimed at high net worth private investors. It currently comprises 29 properties, with a total lettable area of around 72,000 sq m.