M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces the sale of a retail warehouse in Madeira, on behalf of the Portuguese Industrial Fund (“PIF”), a joint venture with a major global private equity firm. The asset has been sold to an affiliate of Portugal Yield Fund, FCR, managed by Portuguese private equity firm Iberis Capital.
Situated in Funchal, the property comprises 2,500 square metres and is fully occupied by Hôma, the home decor and supplies store.
Having acquired the asset in 2020 from a wider portfolio, M7 engaged in discussions with the occupier agreeing a re-gear of the lease for a longer period of 15 years, with a break at year 10, as well as a temporary discount to the rent in 2021 in response to the Covid-19 pandemic.
PIF targets primarily logistics and office assets in Portugal with M7 acting as both investment and asset manager. The vehicle is M7’s second in Portugal where it manages a total of EUR153 million of assets, including on behalf of the M7 Portuguese Active Fund (“M7 PORAF”), which owns a portfolio of value add real estate opportunities in regional Portuguese markets and is fully invested.
Source: m7re.eu on the 15th of February
https://www.m7re.eu/news/m7-sells-retail-warehouse-on-behalf-of-portugese-industrial-fund/?searched=true