M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has sold a c. 26,000 square metres office-led mixed use portfolio of 10 assets in Greater Paris, France, to Foncière Pierreval, a French property investment company.
The portfolio comprises a total of over 26,000 square metres, spread across 10 assets, with occupancy of 76% and a blended WALT of more than five years.
Since acquiring the assets in June 2021, M7 has undertaken a number of active asset management initiatives to increase the portfolio’s occupancy, including carrying out building works, letting up vacant space and regearing leases with key occupiers. At Herblay, a 6,700 square metres mixed use office and industrial asset, M7’s strategy increased the occupancy from 27% at acquisition to 73% through active marketing and asset management.
Following the sale, M7 manages a total of €165 million of assets across 136,000 square metres of industrial & logistics and retail warehouse space in France.
Source: m7re.eu on the 26th of September, 2024
https://www.m7re.eu/news/m7-sells-26000-sq-m-office-led-mixed-use-portfolio-in-france-to-fonciere-pierreval/