M7 Real Estate (M7) has acquired two modern urban logistics assets in Zagreb, Croatia, on behalf of M7 Ceref II for an undisclosed amount.
The first asset comprises a total of 14,000 m2 of GLA and is fully let to four tenants with a weighted average lease term of 5.76 years.
The second asset is located to the south of Slavonska Avenue and comprises a total of 8,000 m2 GLA. It is fully occupied by three tenants with a weighted average lease term of 2.35 years.
Both acquisitions are in line with the fund’s strategy of targeting value-add and core-plus logistics, industrial and office investments in the key Central European markets of Poland, Hungary and Croatia, M7 said in a statement.
They are the first acquisitions on behalf of the fund in Croatia. M7 Ceref II has so far acquired seven assets totalling 85,000 m2 across Croatia, Hungary and Poland.
Mirta Ceranac Poljak, managing director, Croatia at M7, commented: ‘Given the challenging market environment due to the pandemic, we are very pleased to have concluded these transactions quickly and efficiently. They demonstrate our commitment to the Croatian market and our ability to successfully execute acquisitions.’
Since establishing its presence in Croatia at the end of 2016, when it acquired Mani Business Park, Zagreb on behalf of M7 Ceref I, M7 Croatia has built up €50 mln of assets under management.