Real Estate Group M7 has sold a portfolio of five logistics parks across Hungary in what is the country’s largest ever logistics transaction.
The 84,000 square metres portfolio – sold to an undisclosed buyer – includes three assets in Budapest, one in Eger and another in Pécs.
“M7 acquired the assets in this portfolio as part of the CEREF I fund, from three different sellers,” commented Balázs Magyar, managing director at M7 Hungary. “We have subsequently worked closely with our partners to implement our strategy for the portfolio, leveraging our asset management expertise, improving occupancy by 28,500 square meters.”
M7 also announced the disposal of the Atom Centre, a 2,614 square metres retail park located in Paks.
“Having successfully finished our asset management plan and created an institutional quality core-plus portfolio, we made the decision to complete our business plan ahead of schedule, through this sale. This transaction, together with the sale of the Atom Centre, has allowed us to generate attractive returns for our investors,” added Mr Magyar.