M7 agrees sale of warehouse in Remels, Germany

M7 Real Estate, a pan-European investor and asset manager, has announced the sale of a warehouse totaling 15,000 square meters (161,460 square feet) in Remels, Germany, on behalf of a separate account mandate, Azure, which targets investments in Germany and the United Kingdom.

M7 acquired the asset, which includes 1,089 square meters (11,720 square feet) of office space, on behalf of the mandate, and since that time has successfully executed its business plan by re-leasing the vacant warehouse space generating long-term income, increasing the overall occupancy of the asset from 50 percent to 89 percent and extending the weighted average unexpired lease term to three years.

Situated in the region of Lower Saxony in northern Germany, the property benefits from excellent arterial connectivity, with direct access to Autobahn 28, providing links to Germany’s wider motorway network.

“When we acquired this asset, we identified an opportunity to leverage our local market asset management expertise to lease the previously vacant warehouse space in its entirety,” said Richard Fletcher, director transactions – Germany at M7 Real Estate. “After successfully executing the business plan, we concluded that now was a good time to dispose of the property to crystalize value for our client.”