14 Dec 2017
M7 Real Estate lets 2,600 sq m of retail space in Wurzburg
Frankfurt, 14 December 2017 − M7 Real Estate (M7), the pan-European investor and asset manager specialising in the regional multi-let real estate market, has agreed two new leases and two lease extensions at Nürnberger Strasse 86, Wurzburg. The leases relate to around 2,600 sq m of retail accommodation in the 3,100 sq m property, which was built in the mid-1980s and refurbished in 2004.
With the new leases, the circa 3,100 sq m of retail accommodation provided by the property is now fully let and M7 has increased the value of the asset by over 40% in the twelve months since acquisition.
The larger of the new tenants is the shoe retailer Siemes, which has taken a circa 880 sq m unit. Sport Tiedje will occupy around 370 sq m of retail accommodation, on a lease brokered by Colliers. In addition, clothing retailer Takko has agreed a long-term extension of its existing lease on over 600 sq m and Beate Uhse Redstore is extending its lease on its 770 sq m unit.
The property is part of the M7 European Real Estate Investment Partners III (M7 EREIP III) fund.
M7 EREIP III pursues a value-add strategy, concentrating on multi-tenanted properties in the retail, office and industrial sectors that produce steady income but also have asset management potential. The fund is fully invested and has a portfolio of 65 properties in Germany and the Netherlands, with a total floor area of around 491,000 sq m.