CBRE Hungary becomes a key partner of M7 CEREF I
After entering the Hungarian market in 2016, M7 Real Estate has chosen the Budapest office of CBRE to manage the entire Hungarian property portfolio within the M7 CEREF I Fund, according to a press statement sent to the Budapest Business Journal.
M7’s Central European Real Estate Fund I (CEREF I) acquired two retail centers - the Atom Center in Paks and Csillagvár Shopping Center in Budapest - together with a logistics warehouse in Dunaharaszti in late 2016.
The pan-European investor has continued to increase its presence in 2017 with the acquisition of properties including the 62,000 square-meter Aerozone Logistics Park in Vecsés near Ferenc Liszt International Airport, the Eger Business Park (totaling 72,000 sqm), the Liget Center in Budapest (10,900 sqm), as well as a further five logistics centers in the area surrounding Budapest. M7 CEREF I now has around 210,000 sqm of retail, office and industrial property in Hungary, according to CBRE.
“The acquisition of the properties demonstrates that M7 has faith in Hungary and its growing economy. The fact that CBRE has been selected to manage the entire Hungarian portfolio highlights the continued strong performance of the property managers of CBRE,” said Zsolt Kákosy, Head of Asset Services at CBRE Hungary.
CBRE is also actively working with M7 to help create a new retail concept for the Csillagvár Shopping Center in Budapest.
M7 Real Estate, which claims to be one of the leading specialists in the pan-European, regional, multi-let real estate market, manages around 800 assets, comprising a total of 72 million square feet and valued at circa EUR 4.1 billion. In Central and Eastern Europe, M7 has offices in Bratislava, Budapest, Prague, Warsaw and Zagreb.
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