M7 Real Estate has acquired a further circa. €20 million of assets in Budapest, on behalf of its first Central European fund for third party investors, M7 CEREF I. This follows the Fund completing its final close, reaching its target raise of €60 million of investor capital in April 2017, as well as the agreement of a €68.5 million senior debt facility with Starwood European Real Estate Finance.
M7 has acquired the Liget Center office building in Budapest from a fund managed by CBRE Global Investors. The property offers 10,863 sqm of multi-let office space in the centre of Budapest, overlooking Városliget Park and provides additional stable income from a range of international tenants, as well as the opportunity to add further value through the renovation and leasing of the 3,779 sqm auditorium space.
Photo: ligetcenter.hu
In addition, M7 has acquired a 24,598 sqm multi-tenanted industrial property in Gödöllő, from Omega Real Estate Fund. Located circa. 30 km from the centre of Budapest, the property is currently 85% occupied to three international tenants, and M7 plans to add value through negotiating lease prolongations with existing tenants as well as repositioning of underutilised and void space.
David Ebbrell, Chief Investment Officer at M7 said, "As we continue to expand into CEE, these acquisitions are a further demonstration of the value that we see in the region, having now closed on a total of €84 million of assets on behalf of M7 CEREF I. We have identified a further pipeline of acquisitions, and anticipate closing a further significant transaction in the near term."
Apollo-Rida, owner and manager of the Equal Business Park office complex in Kraków, has leased further office space totalling nearly 1,000 sqm. The new tenants are BRB Central Eastern Europe and Roeslein & Associates Poland.
Carrier has decided to stay in Konstruktorska Business Center in Warsaw for the next 6 years. The company has extended its lease agreement for over 500 sqm of office space.
The Alsendo company has decided to lease 1360 sqm of space in Plac Unii in Warsaw for its office. Invesco Real Estate, the owner of the complex, was represented by Colliers in the transaction. Alsendo was advised by Savills.
New appointments
Bartłomiej Polnik has joined Savills as Associate Director, Senior Project & Development Manager PRS & Living Sectors in the PBC department.
Katarzyna Chwalbińska-Kusek has taken on the role of business line head specialising in complex ESG consulting and will lead a multidisciplinary team of experts at Baker Tilly TPA.
Corees Polska announces the addition of Anna Shpatakova to the team as Associate Director. She will be responsible for providing comprehensive advice to office and industrial tenants.
Value of started construction projects in Hungary fell almost 17% down year-on-year in the first nine months of 2024, accounting for around HUF 1800 billion, according to EBI Construction Activity Report Hungary.
Panattoni has completed a BTS development for an international client. A new factory was built in Świdnik for Trilux, the producer of professional lighting from Germany. The 23,000 sqm plant is the company’s first manufacturing facility in Poland.
Cushman & Wakefield has summarised the third quarter of 2024 on the largest office markets in Poland. Office take-up in key regional cities remained on par with the figures recorded in the same period in 2023, signifying stability on the office rental market. Meanwhile, stagnation on the supply side, coupled with limited construction activity, is likely to push vacancy rates down in the future.
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