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M7 hits first close on European Fund III

At the same time, the London-based property fund and asset management firm has used capital from the fund to make four acquisitions for €130 million.

M7 Real Estate, the London-based real estate investment and asset manager, has held a first closing for its third European fund on €80 million – the largest fund close to date for the firm.

The close for M7 European Real Estate Investment Partners III coincides with the firm exchanging contracts on four transactions for an aggregate value of €130 million.

Using capital from Fund III, M7 has now acquired a total of 21 assets with the combined portfolio providing an initial income of €13.2m from 143 tenants.

The assets include six multi-let offices in German cities: Bonn, Dortmund, Duisburg, Hannover, Kassel and Koblenz. The remaining 15 assets are located in cities across the Netherlands, including Rotterdam, Delft, Arnhem and Assen and comprise 11 offices and four retail properties.

“As our largest to date, this fund raise from institutional and family office investors is another milestone in the continued expansion of our business,” commented Richard Croft, M7’s chief executive.

“We are intending to have a second close during the first half of this year and are targeting a gross investment capability of [around] €330 million for the fund.”

Fund III has a value-add strategy and the firm is targeting assets that offer both income streams and asset management opportunities in the retail, office and the multi-let industrial sectors in both Germany and the Netherlands.