M7 disposes of ninth portfolio asset with sale of Hungarian logistics park

M7 Real Estate has sold the Aerozone Logistics Park in Budapest, Hungary, on behalf of M7 Central European Real Estate Fund I (M7 CEREF I) for an undisclosed amount.

The buyer was JTRoss Group, a South African investor.

The asset comprises 50,000 square meters (538,195 square feet) of multi-let logistics space across three main units, with an additional 15,000 square meters (161,458 square feet) of office space.

Acquired in March 2017, M7 has let 10,000 square meters (107,639 square feet) of vacant space, increasing the logistics occupancy to full capacity, up from 80 percent, and office capacity to 75 percent, up from 50 percent.

More than 50 percent of the existing leases have also been renewed and extended on improved terms over the past two years.

New tenants include a global financial and retail technology business and a logistics provider.

M7 manages €100 million ($112 million) of office and industrial assets in Hungary, according to