M7's first French fund fully invested with €35m deal

Pan-European investor and asset manager M7 Real Estate has inked a deal to acquire four multi-let office and light industrial assets in France for €35.5 mln in four separate transactions.

The deal means that the M7 French Active fund is now fully invested with AUM of approximately €115 mln, having raised €60.5 mln from investors based in Asia, the USA and Europe, following a final close in October 2018.

'Since establishing our first dedicated French fund in the middle of last year, we have swiftly deployed the capital raised to create a strong portfolio and are already underway with a number of active asset management initiatives,' said Richard Croft, CEO of M7 Real Estate.

The assets, comprising 59,944 m2 of accommodation, are 99% occupied by 20 tenants. Three of the assets are situated within close proximity to Paris, while the remaining asset is near the northern city of Rouen and is long-let to a technology company.

The fund’s portfolio now comprises 175,000 m2 of multi let office and industrial space across 32 assets and is 90% weighted towards the Greater Paris region by value. It has an average occupancy rate of 86% and focuses on assets occupied by small and medium-sized businesses.

'We are now in the process of replicating this model in Poland and Portugal, where we have an established track record in identifying compelling investment opportunities and unlocking value for investors. This is taking place in conjunction with the growth of our pan-European fund series,' Croft concluded.


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