9 May 2017
Budapest
Reporter: Theo Andrew

M7 Central European fund adds two more Budapest assets


M7 Real Estate has acquired a multi-let office building and an industrial property in Budapest for €20 million.

The purchases were made on behalf of the M7 Central European Real Estate Fund I (M7 CEREF I), its first Central European fund for third-party investors, which has now closed at €84 million of assets.

The Liget Centre, a 10,863 square metre multi-let office space located in the centre of the city, was acquired from a fund managed by CBRE Global Investors.

It is currently let to a number of international tenants with the opportunity to renovate and lease a 3,779-square metre auditorium, according to M7.

The fund has also acquired a 24,598-square metre multi-tenanted industrial property in Gödöllő, Budapest, from Omega Real Estate Fund.

Located 30 kilometres from the city centre, the property is currently 85 percent let to three international tenants.

M7 CEREF I reached its final close in April, raising its €60 million target before acquiring Aerozone Logistics Park in Hungary for a price in the mid-double-digit millions.

The fund also agreed a €68.5 million senior debt facility with Starwood European Real Estate Finance.

David Ebbrell, chief investment officer at M7, said: “As we continue to expand into Central Eastern Europe, these acquisitions are a further demonstration of the value that we see in the region. We have identified a further pipeline of acquisitions, and anticipate closing a further significant transaction in the near term.”

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