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M7 expands in Hungary

Alex Hayes 02 March 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

M7 expands in Hungary
M7 bought Liget center last year
HUNGARY M7 Real Estate has announced that it completed the acquisition of twelve assets through four transactions for a total of EUR 80.1 mln in 2017.

This brings M7’s assets under management in Hungary to EUR 89.3 mln. It has also signed 32 new leases and renewals for app. 75,000 sqm across its Hungarian portfolio. The portfolio is now 83 pct occupied with an average lease length of 2.7 years.

Major lettings include the leased include of over 10,000 sqm of at Eger Business Park 2 to Robert Bosch Automotive. Additional transactions include a lease extension of five years secured with Metro Cash & Carry at the Aerozone Business Park and an 11,500 sqm lease at the Dunaharaszti Industrial Park to an international logistics service provider.

M7 currently has 270,000 sqm gla. Four acquisitions, including one portfolio acquisition, were undertaken in 2017, of which the largest assets were Aerozone Business Park and The Liget Center, an office building.

Around 65 pct of the M7 Central European Real Estate Fund I is invested in Hungary. The fund also holds assets in Czech Republic, Croatia, Hungary, Poland and Slovakia.

Balázs Magyar, the managing director of M7 in Hungary, commented: “We have successfully and very efficiently grown our portfolio in Hungary and secured a number of major leases and lease renewals at improved terms. We have also identified active asset management initiatives, which we expect to generate attractive returns and build on the strong performance we have delivered in 2017.”


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