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M7 sells Mani Business Centre in Zagreb, Croatia

M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has completed the final sale on behalf of the M7 Central European Real Estate Fund I (“M7 CEREF I” or the “Fund”), with the disposal of the Mani Business Centre to Raiffesen Pension Insurance Company. M7 will continue to asset manage the property on behalf of the new owner.

The sale completes the divestment of M7 CEREF 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 EUR182 million and an IRR of 25  per cent significantly ahead of the Fund’s business plan.

M7 acquired Mani Business Centre, a c.12,900 square metres multi-let office building, in 2016, and implemented a comprehensive asset management strategy to upgrade the building and improve engagement with new and existing occupiers. Following this activity, the asset increased in occupancy from 54 per cent to 98 per cent generating a stable income stream with a WAULT of 2.7 years.

Source: m7re.eu on the 15th November