28 Jan 2016
M7 Real Estate lets around 11,000 sq m of production space to car manufacturer
Frankfurt, 28 January, 2016 – M7 Real Estate (M7), acting on behalf of its joint venture MStar Europe, has agreed a new lease of a single-tenant property at Kornwestheimer Strasse 54 in Korntal-Münchingen, near Stuttgart. The new tenant, a well-known German car manufacturer, has taken the property for a ten-year term.
MStar Europe acquired the light industrial property, which has a lettable area of around 10,700 sq m, in spring 2015. M7 handles the asset management.
The property is a production complex, in three sections, which has been refurbished several times since it was constructed in 1970. Standing on a c. 10,000 sq m site, the property includes a 1,000 sq m high-bay warehouse, two production halls providing 5,100 and 3,650 sq m, and around 1,000 sq m of offices.
M7 proactively managed the expiry of the existing lease in good time, ensuring that the property would not suffer any vacancy.
The industrial and logistics department of the bank Ellwanger & Geiger KG brokered the deal.