4 May 2020
M7 Real Estate disposes of former DIY and garden centre in Freiburg, Germany
M7 Real Estate (“M7”), the pan-European investor and asset manager, has sold a 10,700 sq m property, previously used as a DIY and garden centre, in Freiburg im Breisgau for circa €10 million.
Constructed in 1998, M7 acquired the vacant property, on a site of around 12,700 sq m at Basler Landstrasse 10 – 16, in summer 2019 on behalf of its fund, M7 EREIP V. The asset is well located, situated directly on the busy B3 federal road, only 6.5 kilometres from the “63 Freiburg-Süd” junction on the A5 motorway and also has very good connections to local public transport, with a bus stop directly opposite the site. The “Freiburg-St. Georgen” railway station is within easy walking distance.
Alyssa Huse, Managing Director of M7 Real Estate Germany commented:
“M7 continues to acquire assets in the value-add sector and in the case of Freiburg, we acquired the property vacant with a view to investing in the property to improve lettability.
“The business plan for all of our assets is constantly reviewed and the offer to sell the building provided a good return to our investors and as such, M7 EREIP V chose the short term exit route for the asset.
“M7 continues to seek value-add opportunities across the warehousing, office and retail sectors.”