29 Nov 2016
Vijzelweg 15, Waalwijk, the Netherlands
London, 29 November 2016 – M7 Real Estate, the pan-European real estate investor and asset manager, has fully let Vilzeweg 15 to a single tenant following a significant refurbishment programme. This has resulted in an increase in the value of the asset of circa 60%. Vijzelweg 15, located in Waalwijk, the Netherlands is part of the M7 EREIP II fund.
The property was acquired fully vacant in October 2015 in line with M7’s strategy for the fund to buy distressed and mismanaged assets with value-add opportunities. It totals 4,025 sq m of lettable space, comprising a 3,775 sq m warehouse with 250 sq m ancillary office accommodation over two floors. The property was built in the early 1990s and went through a major reconstruction in 1997. Waalwijk is a municipality in the province of Noord-Brabant in Southern Netherlands, located between Den Bosch and Tilburg and circa 50 km from Eindhoven. The property is situated in the industrial district “Industrieterrein Haven”, close to the junction of N261 and A59, major transportation arteries in the Netherlands.
M7 identified a major refurbishment plan spending circa €450,000 to bring the outdated vacant site to current market letting standards. Refurbishment works included painting steel frames and the façade, replacement of overhead doors, creation of new spaces such as a canteen, toilets and dressing areas. Refurbishment of the office area included replacement of ceiling and carpets, wall demolition, creation of a new stairway and full installation of a new lighting system.
Shortly after the acquisition, M7 identified a new tenant and a 10 year five month lease was agreed with TMP Constructies B.V. to occupy the entire asset. TMP Constructies B.V. specialises in the supply of light metal structures such as stairs, platforms, columns, collision protection, frame, machine parts in steel, stainless steel and aluminium and has over 20 years of experience in the industry.