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.
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.
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