18 Dec 2020
M7 Real Estate extends long-term leases to HUK-COBURG on c. 10,200 sq m of office space
M7 Real Estate (“M7”) the pan-European investor and asset manager specialising multi-tenanted real estate has, on behalf of the M7 ISLAY fund (the “Fund”), agreed extensions of expiring leases to HUK-COBURG in five different locations.
The tenant, HUK-COBURG, the German mutual insurance company, has decided to renew its leases in Bonn, Dortmund, Duisburg, Kassel and Koblenz on a long term commitment. HUK-COBURG occupy around 10,200 sq m over the five locations.
The assets were originally constructed by HUK-COBURG. Following extensive refurbishment and modernisation works, the properties were leased back to HUK-COBURG in a sale and leaseback transaction. The M7 ISLAY fund subsequently acquired the properties in 2016.
Alyssa Huse, Managing Partner of M7 Real Estate Germany, commented: “M7 has enjoyed a strong relationship with HUK-COBURG over the years and we are delighted that they are to remain as a long-term tenant of the properties. The leases generate a stable long-term cash flow for the properties, which are in attractive locations, and substantially increase their value.“