M7 Real Estate has sold sale a logistics property in Neu Wulmstorf, near Hamburg to Crossbay, a pan-European last mile logistics platform, on behalf of the M7 EREIP IV fund.
The logistics property near Hamburg, built in 1997, is situated at Gottlieb-Daimler-Strasse and comprises a total of 8,500 sq m of production and warehouse space. The asset is well located for light industrial use and is fully let to a single tenant.
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M7 has acted as asset manager since acquiring the property on behalf of M7 EREIP IV in 2017.
“By spending capex on refurbishment works we have considerably increased the property’s value since acquisition. In accordance with the Fund’s business plan, we have taken advantage of the current liquidity in the investment market to sell the asset and generate an attractive return for investors,” said Alyssa Huse, Managing Director of M7 Real Estate Germany.