M7 Real Estate has closed its first Central European fund for third-party investors called M7 Central European Real Estate Fund I (M7 CEREF I) after collecting €60m of investor capital. In its first close in October, the fund received €35m in commitments. At the same time, M7 has secured a €68.5m senior debt facility from Starwood European Real Estate on behalf of M7 CEREF I with an initial three-year term. This should allow another €65.5m in deals to go through in the coming weeks and result in the fund being fully invested.
M7 also revealed that it closed on the acquisition of Aerozone Logistics Park in Budapest, a 64,600 sqm industrial asset, from CA Immo Group and Union Invest. The multi-tenanted logistics park is located close to Budapest’s airport.
“Having put our first tranche of investor capital to work in October, the additional investor capital raised together with the senior debt facility with Starwood will allow us to proceed with the deals identified and to have the fund fully invested during the next four to six weeks. We have a number of asset management initiatives planned in order to drive value across the portfolio and deliver exceptional returns to our investors,” said Richard Croft, M7’s chief executive.
