M7 Real Estate has sold an office building in the Netherlands, Heliconweg 62, on behalf of M7 European Real Estate Investment Partners IV fund to a local developer.
Situated west of the historical centre of Leeuwarden, Heliconweg 62, which comprises a total floor area of 2,765 sq m and 33 on-site car parking spaces, is currently 65% let to Kamer van Koophandel, the Chamber of Commerce and a number of SMEs.
Having acquired the asset in 2017, M7 improved the appeal of the property, repurposing the second floor of the building into a business centre for smaller occupiers and focusing on tenant retention.
Remko Dickhaut, Director at M7 Real Estate, commented: “The opportunistic sale of this asset to a local residential developer comes at an opportune time as the wider location is experiencing an increase in the amount of residential development. The transaction, which is aligned to the fund’s strategy, generates attractive returns for the fund’s investors, ahead of our business plan, and demonstrates our ability to add value through active asset management.”