M7 Real Estate has acquired a further circa. €20 million of assets in Budapest, on behalf of its first Central European fund for third party investors, M7 CEREF I. This follows the Fund completing its final close, reaching its target raise of €60 million of investor capital in April 2017, as well as the agreement of a €68.5 million senior debt facility with Starwood European Real Estate Finance.
M7 has acquired the Liget Center office building in Budapest from a fund managed by CBRE Global Investors. The property offers 10,863 sqm of multi-let office space in the centre of Budapest, overlooking Városliget Park and provides additional stable income from a range of international tenants, as well as the opportunity to add further value through the renovation and leasing of the 3,779 sqm auditorium space.
Photo: ligetcenter.hu
In addition, M7 has acquired a 24,598 sqm multi-tenanted industrial property in Gödöllő, from Omega Real Estate Fund. Located circa. 30 km from the centre of Budapest, the property is currently 85% occupied to three international tenants, and M7 plans to add value through negotiating lease prolongations with existing tenants as well as repositioning of underutilised and void space.
David Ebbrell, Chief Investment Officer at M7 said, "As we continue to expand into CEE, these acquisitions are a further demonstration of the value that we see in the region, having now closed on a total of €84 million of assets on behalf of M7 CEREF I. We have identified a further pipeline of acquisitions, and anticipate closing a further significant transaction in the near term."
In April this year, the House brand joined the group of tenants at CH Korona in Wrocław. The salon occupies nearly 285 sqm of sales space.
18 Gym Fitness & Beauty will open a new location within Agora Arad (the former Galleria Arad) in a deal brokered by the Cushman & Wakefield Echinox. Agora Arad has a leasable area of 36,000 sqm and is currently undergoing a major refurbishment.
Transport company Zadbano has become a new tenant at LCube Rzeszów Airport. The company has taken 1.3 thousand sqm of warehouse space in Building 2, which was completed last year.
New appointments
Emilia Dębowska has been promoted to the position of Head of Sustainability Europe of Panattoni. In her new role, she will be responsible for Panattoni’s integrated sustainable development strategy encompassing both the company’s business goals and the development of its projects in Europe for every country in which the developer is active.
Crosspoint Real Estate has appointed Oana Popescu as Partner. She has joined the Crosspoint team in the summer of 2017 and took over the lead of the residential department in 2022.
Urszula Sekuła has joined the Retail Institute team as Business Development Director. She will be responsible for business development in Poland and three European markets.
Redkom Development finalised the sale of Park Glinianka in Łubna in the southern suburbs of Warsaw. The facility was purchased by CEE-BIG B.V. The price has not been disclosed.
The Dornych project by Crestyl Group is to replace the old shopping centre in the neighbourhood of Brno's Central Station in the upcoming years. The developer has now announced a hotel as a part of this development. Its opening is planned for mid-2028.
Reconstruction of the mixed-use commercial centre Černý Most in Prague 14 is beginning in April this year. The project from the Unibail-Rodamco portfolio is bringing 32 new shops and restaurants and 3 new cinemas.
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