31 Aug 2016
M7 significantly improves occupancy of Rijnpoort Business Park
London, 31 August 2016 – M7 Real Estate, the pan-European real estate investor and asset manager, announces that on behalf of MBay Light Industrial Fund (“MBay” or the “Fund”), its joint venture with H.I.G. Capital, it has secured 2,358 sq m of lettings at ‘Rijnpoort’, a mixed office and industrial business park near Alphen aan den Rijn. The business park is located in the key industrial area of Rijnhaven East and is now 93% let, significantly improving the occupancy rate at since the point of MBay’s acquisition of the asset in 2013.
Vertegaal Machinebouw B.V., the mechanical engineering company, has agreed a 12 year lease for 1,768 sq m of office and warehouse space at ‘Rijnpoort’, as it is relocating and upsizing from its previous base in Hazerswoude-Rijndijk. In addition to this letting, M7 has also agreed a three year lease with Miasin, the building materials wholesaler, for 590 sq m of warehouse space at the estate.
‘Rijnpoort’ was acquired by MBay in November 2013 with a void rate of 50%, with nine of the 16 units vacant. Since acquisition, M7 has completed an extensive asset management programme, including large-scale external refurbishment and replacement of the façade as well as lease extensions and lettings to new tenants, including Vertegaal and Miasin. There is now one vacant 590 sq m unit remaining, which is currently available for let.
Femke van Oest, Managing Director, M7 Real Estate Netherlands, commented: “We acquired ‘Rijnpoort’ in 2013 recognising the opportunity to drive value and increase occupancy via an active asset management programme, supported by the fundamentals offered in the Rijnhaven East industrial area. Since acquisition we have undertaken a substantial and successful asset management programme to create a modern and in demand asset, resulting in these new lettings as well as strong interest in the remaining vacant unit.”
Basis Bedrijfshuisvesting advised on this letting.