November 15 (SeeNews) - UK-based pan-European investor and asset manager M7 Real Estate said on Monday that it has sold the Mani business centre in Croatian capital Zagreb to Raiffeisen Pension Insurance Company.
“M7 will continue to asset manage the property on behalf of the new owner,” the real estate company said in a statement without disclosing the value of the deal.
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“The sale completes the divestment of M7 Central European Real Estate Fund I, a value-add fund comprising a portfolio of 21 logistics, office and retail assets in key Central European markets, generating total sale proceeds of 182 million euro ($208.3 million) and an IRR of 25% significantly ahead of the fund’s business plan,” M7 added.
M7 acquired the Mani business centre, a 12,900 square metre multi-let office building, in 2016, and carried out a comprehensive asset management strategy to upgrade it and improve engagement with new and existing occupiers. As a result, the asset increased in occupancy rate from 54% to 98%, generating a stable income stream with a weighted average unexpired lease term of 2.7 years.
($= 0.873 euro)