M7 Real Estate, the pan-European investor and asset manager, has purchased a last mile, multi-let industrial scheme near Poznan, Poland, on behalf of M7 CEREF II.
The asset, which comprises 20,000 m2 of warehouse and ancillary office space, is 99% let to a diverse mix of local occupiers. It is located in an established industrial zone 3km east of Poznan city centre.
The deal marks the seventh acquisition executed on behalf of the fund, which is now 75% invested following a first close in 2020. The target size of the fund is circa €100 mln, with leverage, and a significant pipeline of potential investments has been identified across the region, according to M7.
Katarzyna Parkot, managing director, Poland at M7, commented: 'Despite strong investor demand across the European warehouse market, we are really pleased to have completed this acquisition, leveraging our expert local knowledge to identify this high quality value-add opportunity.
'This asset in Mogilenska is a strong addition to the fund’s portfolio, following the acquisition of the DUO portfolio earlier this year.
'We have a consistent track record of adding value to industrial assets and we have already put in place an asset management programme to improve the quality of the asset, whilst working closely with existing occupiers.'
Avison Young were the acting agent on the acquisition.