9 Nov 2021
M7 sells two Dutch office buildings for €13.5 million
M7 Real Estate (“M7”), the pan-European real estate investor and asset manager has, on behalf of M7 EREIP IV, sold two office buildings “Schiehove” and “Schieburg” located at Overschieseweg 200 and 300 in Schiedam to Boelens de Gruyter for €13.5 million.
The assets comprise a total of circa 10,000 sq m of office space with 245 parking places spread over several parking lots and a garage and were acquired in 2018 with a vacancy rate of approx. 50%. Following leasing deals with Delta Fiber Nederland, Staatsbosbeheer and HSK the occupancy increased to 95%.
Christiaan Ilias, Senior Asset Manager at M7 Netherlands commented: “We are very pleased with the sale of the assets to Boelens de Gruyter. It demonstrates that our on the ground asset management team understands the local market with the leasing deals resulting in high occupancy and good rental levels with the subsequent sale delivering strong results for our investors.”