M7 Real Estate Sells 5,000 sq m Dutch Office Building
M7 Real Estate has announced the sale of a c. 5,000 sq m, multi-let office building in Amersfoort, Utrecht, the Netherlands, to Bakkers Hommen for €6.9m.
Having acquired the asset in 2016, M7 undertook renovation works to the property, relocating exiting occupiers and reconfiguring the internal space. This led to M7 signing approx. 2,000 sq m to new occupiers and renewing contracts with existing tenants, including the Royal Dutch Society for Physical Therapy, which agreed to a 10-year lease and uses the building as its headquarters.
As a result of M7’s asset management strategy, the occupancy of the building increased to over 90 per cent from 55 per cent, with a WALT of 3.37 years.
M7 ISLAY is a discretionary fund aimed at high net worth individuals, family offices and institutional investors. The Fund, which comprises c. €330m of assets under management, is invested in industrial, retail and office properties in Germany and the Netherlands, comprising a total of c. 355,000 sq m of lettable space.
Niels Bruijninckx, senior asset manager at M7 Netherlands, said: “Having completed our business plan for this asset, we are pleased to have agreed the sale to Bakkers Hommen. The sale crystallises a significant uplift for our investors ahead of our expectations and demonstrates strong demand for good quality medium sized inner city offices close to residential areas.”
Van Doorne was legal adviser to M7.