20 Mar 2018

M7 secures 10 new lettings and lease renewals in Czech Republic and Slovakia on behalf of Vector Parks

Slovakia, 20 March 2018 – M7 Real Estate (“M7”), the pan-European real estate investor and specialist asset manager, announces that it has agreed a number of transactions as part of its proactive asset management programme on behalf of Vector Parks. Vector Parks comprises a portfolio of industrial and office assets located in the Czech Republic and Slovakia. Over the last six months M7 has completed 6 new lettings and four renewals totalling over 20,500 sq m with predominantly anchor tenants.

New tenants include the canteen operator PRIATELIA, which has taken c. 220 sq m of retail space at Vector Raca, Bratislava (Slovakia) where it will operate a summer terrace with modern café services.

In addition, storage and information management solutions provider, Iron Mountain, has expanded its storage space at Vector Raca to c. 6,700 sq m and agreed its fifth lease extension with a long-term lease. As a result of Iron Mountain’s expansion, wholesale business Quimilock has agreed to relocate into a c. 1,000 sq m production unit with a new lease. Additional lettings have been secured with Provino, a successful wine merchant, which has taken a further c. 100 sq m and committed to a new lease and safety products provider, IKAR, which has taken a further 1,800 sq m. These lettings demonstrate the strength of Vector Raca as a strategically important location for businesses.

Generally across the Vector Parks portfolio there is a high satisfaction level amongst existing tenants as a result of which a further 4 tenants have extended their leases recently, including Smart Cargo, which renewed its lease on c. 7,500 sq m at Vector Ostrava, Mosnov (the Czech Republic) and Van Mieghem, which renewed its lease at Vector Parks Svaty Jur, Bratislava (Slovakia).

M7 continues to progress several marketing initiatives to improve Vector Parks’ brand recognition across the region, supported by its on-going proactive asset management programme. Works to fully modernise Vector Parks Raca, Svaty Jur and Maly Saris, have also been completed, with all assets now meeting the latest market standards.

Svetozar Rohon, Senior Asset Manager at M7 in Slovakia, commented: “Our strategic asset management programme continues to deliver value to the portfolio as we meet the ongoing demand for well-located office and logistics space in the Czech Republic and Slovakia. We are confident that we can continue to grow the Vector Parks brand further, as has been evidenced with recent leasing successes.”