M7 Real Estate, has bought 11 offices and an industrial asset for €20m in the Netherlands.
They bought on behalf of M7 European Real Estate Investment Partners III following the final close of EREIP III in June 2016, which provided the fund with a gross acquisition capacity of €300m (£250m).
M7 bought the 10 offices, called the Brixes portfolio, which comprises a total lettable area of 295,620 sq ft and currently produces €1.9m of rental income pa.
The 149,500 sq ft industrial asset in Rotterdam was purchased from a private vendor.
The acquisitions bring M7 EREIP III’s total portfolio to 56 assets with a combined value of around €208m.
Richard Croft, chief executive at M7 Real Estate, said: “EREIP III is focused on assets in key strategic locations in Germany and the Netherlands that offer a combination of strong income coupled with opportunities to drive value through asset management and, with some transactions still to complete from our pipeline, we look forward to announcing further acquisitions for the fund in the near term.”
Savills acted as the agent for M7 on the acquisition of the Brixes portfolio, whilst Van Splunter advised on the acquisition of the industrial asset in Waalhaven. M7 Real Estate was advised by Van Doorne on both acquisitions.