M7 Real Estate’s Central European Fund acquires another Property in Budapest
| 11 April, 2017
Following its 2016 debut to the Hungarian market M7 Real Estate’s Central European Fund (“M7 CEREF”) has further increased its presence in Budapest. In March 2017 the 62,000 sq m Aerozone logistics centre near Ferenc Liszt Airport was acquired by the fund which is managed by M7 Real Estate. In what is a developing partnership, M7 Real Estate has again appointed CBRE as the property manager and leasing agent for Aerozone as it did at the previous transactions in 2016.
M7 Real Estate, together with its clients has invested in the United Kingdom, the Netherlands, Germany, France, Portugal and the Nordics and last year the business started to expand in Central Europe and purchased a number of commercial properties in Hungary and Croatia. After purchasing two shopping centres, the Atom Center in Paks and the Csillagvár in Budapest in addition to an industrial asset in Dunaharaszti, in March 2017, M7 CEREF bought the Aerozone logistics centre; its largest transaction in Hungary to date.
Aerozone offers M7 Real Estate the potential to deliver the desired returns the fund requires. With the support of CBRE, M7 will be able to capitalise on the underlying fundamentals of Aerozone. The Aerozone Park offers a unique opportunity for tenants with its proximity to Liszt Ferenc airport and access to M0 Motorway ring road. Extending to 62,000 sq metre of prime warehousing and Grade A office space; Aerozone presents itself as both a national logistics and city logistics hub.
CBRE is delighted to have facilitated the transaction and act for the fund in the acquisition of Aerozone. We are of the firm belief that this acquisition represents real value and opportunity for our client” – Tim O’Sullivan Head of Capital Markets at CBRE Hungary mentioned – but added that more importantly CBRE Hungary is delighted to remain involved with the asset and support M7 Real Estate in delivering their business plan going forward.
“Yet again I have great pleasure in announcing our continued involvement with the Hungarian M7 Real Estate Portfolio. With our industrial background the opportunity to work on such a high profile industrial park such as Aerozone is very exciting - The good tenant mix, the high level services and the great location make this logistics centre an important element of both M7’s and CBRE’s industrial portfolio. We are pleased that M7 regards the Hungarian team of CBRE as a keypartner”, - said Zsolt Kákosy MRICS, MBA, Head of Asset Services at CBRE Hungary.
Key leadership hire: CBRE strengthens its Hungarian retail agency team