M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces the sale, on behalf of M7 Islay (the “Fund”) of a c. 5,000 sq m, multi-let office building in Amersfoort, Utrecht, the Netherlands, to Bakkers Hommen for €6.9 million.
Having acquired the asset in 2016, M7 undertook renovation works to the property, relocating exiting occupiers and reconfiguring the internal space. This led to M7 signing approx. 2,000 sq m to new occupiers and renewing contracts with existing tenants, including the Royal Dutch Society for Physical Therapy, which agreed to a 10 year lease and uses the building as its headquarters.
As a result of M7’s asset management strategy, the occupancy of the building increased to over 90% from 55%, with a WALT of 3.37 years.
M7 ISLAY is a discretionary fund aimed at high net worth individuals, family offices and institutional investors. The Fund, which comprises c. €330m of assets under management, is invested in industrial, retail and office properties in Germany and the Netherlands, comprising a total of c. 355,000 sq m of lettable space.
Niels Bruijninckx, Senior Asset Manager at M7 Netherlands commented: “Having completed our business plan for this asset, we are pleased to have agreed the sale to Bakkers Hommen. The sale crystallises a significant uplift for our investors ahead of our expectations and demonstrates strong demand for good quality medium-sized inner-city offices close to residential areas.”
Van Doorne was legal adviser to M7.