M7 Real Estate has purchased the Nowa Kamienica office building in Kraków for €11 million. With this transaction, M7 Real Estate has fully invested its first dedicated Polish investment fund, M7 POLAF.
The Fund comprises nine office, light industrial and logistics assets totalling 93,536 sqm across Poland. The Fund’s portfolio has a total value in excess of €20 million and is 90 per cent let with a WALT of three years.
The Fund’s investors include high net worth individuals, family offices and sovereign wealth investors from Europe, Hong Kong and the Middle East.
Paul Betts, MD Central Europe at M7 says: “We are very pleased to have fully invested the capital raised on behalf of our first dedicated Polish fund. A robust local asset management infrastructure has already begun to deliver a number of asset management initiatives in order to stabilise the portfolio with capex allocated to facilitate leasing activity as we actively market vacant space across the portfolio.”
Katarzyna Parkot, M7’s Managing Director for Poland adds: “To have completed the investment phase of the Fund with the acquisition of Nova Kamienica in Krakow is an important milestone. We continue to look for further opportunities to add to our existing assets under management.”
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