M7 holds €35m first close for Central European fund
M7 Real Estate has raised more than €35 million ($39 million) for its first Central European fund, M7 Central European Real Estate Fund I.
M7 CEREF I is M7’s first Central European fund for third-party investors and will target both core-plus and high-yielding regional opportunities across major cities in the Czech Republic, Croatia, Hungary, Poland and Slovakia. Investments will be sourced across all sectors and will be managed by M7 through its pan-European platform.
Following the initial raise, M7 CEREF I has acquired Oregon House in Prague. This modern office building, prominently located in the 13th district of Prague, offers 154,247 square feet. It is currently 68.3 percent leased. Tenants include Schindler CZ, Proceram and IKEA.
A second close will be held at the end of 2016, targeting a €130 million ($143 million).