M7 sells property worth €12.2M
M7 Real Estate announced on Monday the individual sale of three property assets from the PORAF fund for €12.2 million.
The three assets are a retail park in Évora, and a building and an office fraction in Lisbon representing the M7 Portuguese Active Fund (M7 PORAF).
The 6,000m2 Évora real park was sold to the Brazilian family office Europar. M7’s asset management strategy includes getting planning permission to build over 2,000m2 of shopping space to accommodate the expansion of one of the resident retailers and renting out an empty store.
The asset in question is currently 100% occupied with tenants such as AKI, Hôma and Feira dos Sofas.
M7 also sold a 2,800m2 building in Oeiras currently occupied by “a market leader in the gym sector”, to a Portuguese fund managed by Fundiestamo. During the pandemic M7 agreed a number of incentives and discounts with the tenant in exchange for a longer contract of 8 years.
Also sold was a 251m2 fraction of totally occupied offices in the Arcis building in Lisbon to Fundiestamo. The three operations were supported by B.Prime.
M7 has real estate operations in 15 countries, employs 220, operates 38 properties under management, with total assets covering 4 million square metres.