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 €182 million and an IRR of 25% significantly ahead of the Fund’s business plan.

M7 acquired Mani Business Centre, a c.12,900 sqm 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% to 98% generating a stable income stream with a WAULT of 2.7 years.

David Ebbrell, CEO M7, commented: “The sale of the Mani Business Centre draws to a close our first dedicated central European fund, which we launched to capitalise on the growth of the major economies in the region, including Prague, Budapest and Zagreb. We are pleased that the Fund has delivered significant returns for our investors driven largely by the expertise of our asset management team on the ground, who delivered value growth across the portfolio through refurbishment works and positive leasing activity. In a sign of continued momentum, we also recently deployed our second fund in the series (M7 CEREF II) as we continue to grow our presence in the region.”

Mirta Ceranac Poljak, MD Croatia, added: “We are very pleased to have concluded the sale of Mani Business Centre, being the last asset in CEREF I Fund. The performance of both the Fund and the asset proves our dedication and commitment to professional asset management and has paved the way for our investors to continue their presence and commitment in the region. n addition, with M7 Croatia remaining the asset manager for the property, the M7 Croatian platform benefits from strong recognition by the local investment community which bodes well for future growth.”