12 May 2021
M7 Real Estate makes €11.3 million disposal of c. 10,200 sq m mixed-use asset in the Netherlands
M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi- tenanted properties, announces the sale on behalf of M7 Islay (the “Fund”), of Ketelweg 20-24, a mixed-used industrial and office asset in Papendrecht, the Netherlands, to Sagax Nederland, a branch of AB Sagax, a listed commercial property company, for €11.3 million.
The asset, which comprises c. 5,600 sq m of industrial space and c. 4,600 sq m of office space across three buildings, was acquired by M7 in 2015. Following a full refurbishment taking into consideration the occupier’s requirements (including the external landscaping), it was fully re- let on a long term lease to PON Power B. V., the Caterpillar engine dealer.
M7 Islay is a discretionary fund aimed at high net worth individuals, family offices and institutional investors. The Fund, which comprises c. €330m of assets under management, is invested in industrial, retail and office properties in Germany and the Netherlands, comprising a total of c. 355,000 sq m of lettable space.
Christiaan Ilias, Senior Asset Manager at M7 Netherlands, commented: “The asset management strategy we implemented at Ketelweg 20-24 has enhanced the value of this investment. By having a local team on the ground, with a strong relationship with the occupier, we were able to renew the lease. Despite the backdrop of the pandemic we have realised an attractive return for the Fund’s investors with the sale of the asset.”
Van Doorne acted as legal adviser to M7 whilst Loyens & Loeff advised the buyer.