18 May 2021
M7 Real Estate signs Canon France for c. 2,000 sq m near Paris, France
M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, has let, on behalf of M7 French Active Fund (“M7 FAF” or the “Fund”), a total of c. 2,000 sq m of office and light industrial space at Parc Amsterdam in Tigery near Paris to Canon France, the digital camera and printing company. The space will be used for their third party archiving business.
Canon France has agreed to let c. 1,100 sq m of office space and c. 900 sq m of light industrial space on a four year lease. Parc Amsterdam, which comprises a total of c.5,100 sq m of light industrial and office space across two buildings, is situated on the Francilienne orbital motorway to the South East of central Paris.
The letting follows a comprehensive refurbishment of the asset by M7 and increases the occupancy from 9% to 48%, whilst increasing the average unexpired term (to the next break) to 3.5 years. Approximately 2,000 sq m of light industrial space and c. 600 sq m of office space remain available for occupation.
Chris Pope, Managing Director of France at M7 Real Estate, commented: “We continue to see robust demand for well located business space on the outskirts of Paris, as evidenced by this signing with Canon France. Having a dedicated team on the ground has enabled us to execute this transaction efficiently, despite the backdrop of COVID-19, and demonstrates the strength of M7’s pan-European asset management platform. Since acquiring Parc Amsterdam in 2018 we have successfully transformed the quality of the space and our focus remains on letting up the remaining space to generate income for the Fund.”