M7 Real Estate has sold a warehouse totalling 15,000 sq m in Remels, northern Germany, on behalf of a separate account mandate; Azure which targets investments in Germany and the UK.
M7 acquired the asset, which includes 1,089 sq m of office space, in Remels on behalf of the mandate and since that time has successfully executed its business plan by re-letting the vacant warehouse space generating long-term income, increasing the overall occupancy of the asset from 50% to 89% and extending the WAULT 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.
Richard Fletcher, Director Transactions – Germany at M7 Real Estate, commented: “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. After successfully executing the business plan, we concluded that now was a good time to dispose of the property to crystalise value for our client.”
Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!
