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."
Kruk S.A., a debt management company, has leased 6,000 sqm of space in the B10 office and hotel complex in Wroclaw, owned by Vastint Poland.
SIG, a specialist supplier of construction products, has renewed its lease for 4,400 sqm of warehouse and office space in Prologis Park Wrocław. The tenant was advised during lease negotiations by Newmark Polska.
Piotr Pikiewicz has joined the 7R team. In the role of Head of Project & Corporate Debt, he will lead the team responsible for project and corporate financing at 7R Group.
New appointments
Wrocław's Quorum complex, owned by the Cavatina group, has gained another tenant from the IT sector. The Hexe Capital Group will move to the Quorum D building, which is part of it, and will occupy about 720 sqm of space on the fourth floor there.
Panattoni has announced personnel appointments in its Capital Markets Poland division. Damian Stężycki has been appointed as Managing Director and Joanna Kawrowska together with Michał Stanisławski will take the role of the Co-Heads of the department.
Marvipol Development S.A. has announced the appointment of Andrzej Nizio to the company's Management Board. He will serve as vice-president of the board for another two-year term.
AFI Europe and FINEP have announced the conclusion of a long-term framework agreement on cooperation in the development of rental housing in Prague. The move is based on their previous collaboration in this area.
Kristýna Milovanović has been appointed Associate and the Head of Retail Tenant Representation at Cushman & Wakefield. In this role, she is going to be responsible for providing strategic advice to clients entering the Czech market and expanding their presence.
A few weeks are left until the opening of the 1st stage of the new Vydrica district in the Bratislava centre. More than two hundred apartments and 19 retail units of 3,148 sqm are expected to receive approval for building use every day.
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