M7 CEREF buys Aerozone logistics center
Following its 2016 debut on the Hungarian market, M7 Real Estate’s Central European Fund (M7 CEREF) has increased its presence in Budapest by purchasing the 62,000 square-meter Aerozone logistics center near Ferenc Liszt International Airport, according to a press release sent to the Budapest Business Journal by real estate services firm CBRE Hungary.
M7 Real Estate, together with its clients, has already invested in the United Kingdom, the Netherlands, Germany, France, Portugal and the Nordic countries, and last year started to expand its business into Central Europe, purchasing a number of commercial properties in Hungary and Croatia. After buying two shopping centers, the Atom Center in Paks and the Csillagvár in Budapest, in addition to an industrial asset in Dunaharaszti, in March 2017, M7 CEREF has bought the Aerozone logistics center, its largest transaction in Hungary to date.
Aerozone offers M7 Real Estate the potential to deliver the desired returns the fund requires, CBRE claims. With the support of CBRE, the firm expects M7 to be able to capitalize on the underlying fundamentals of the facility. The Aerozone Park offers a unique opportunity for tenants with its proximity to the capital’s airport and access to the M0 motorway ring road, says the press release. Extending to 62,000 sqm of prime warehousing and Grade A office space, Aerozone presents itself as both a national logistics and city logistics hub, CBRE adds.
“CBRE is delighted to have facilitated the transaction and act for the fund in the acquisition of Aerozone. We are of the firm belief that this acquisition represents real value and opportunity for our client,” said Tim O’Sullivan, Head of Capital Markets at CBRE Hungary. He added that CBRE Hungary is delighted to remain involved with the asset and support M7 Real Estate in delivering its business plan going forward.
“Yet again I have great pleasure in announcing our continued involvement with the Hungarian M7 Real Estate Portfolio. With our industrial background, the opportunity to work on such a high-profile industrial park as Aerozone is very exciting,” said Zsolt Kákosy, Head of Asset Services at CBRE Hungary. “The good tenant mix, high-level services and great location make this logistics center an important element of both M7’s and CBRE’s industrial portfolio. We are pleased that M7 regards the Hungarian team of CBRE as a key partner,” he added.
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