M7 has acquired seven assets from Valad, comprising the Landmark Portfolio and the Sports Business Centre. The Landmark Portfolio was purchased for €8.9 million and offers 20,391 sq m of office accommodation across six assets, located in core Dutch office markets including Utrecht, Amersfoort and Den Bosch, and in city centre locations in Heerlen and Gouda. The portfolio is currently 47% occupied and offers significant potential to drive income and capital returns through a refurbishment programme and the letting of vacant space. The Sports Business Centre, a 20,305 sq m exhibition and business-to-business retail centre in Leusden, a town approximately 25km east of Utrecht, was acquired for €14.27 million. It provides a strong and diverse income profile with opportunities to add further value through asset management.
Two further assets have been acquired in separate transactions. The Leyweg Den Haag retail centre has been acquired for €9.7 million. It comprises a parade of 35 units located in a busy residential area in The Hague, and M7 has already identified a number of asset management initiatives to drive income and occupancy, including a targeted capex programme and the leasing of void space.
Australielaan 14-16/Vrieslantlaan 1-3, Utrecht, a fully let 5,119 sq m office building in a strongly performing Utrecht sub-market, has been acquired for €2.85 million. It provides stable and diversified income streams for investors through high occupancy and a strong tenant mix.
In addition to the sales to M7, Valad sold a 2,630 sqm office building at the Wegalaan 14 in Hoofddorp to a private investor, totaling their sales to eight assets on one day.
Van Doorne, Savills Building & Project Consultancy and Ambiente provided legal, technical and environmental advice respectively to M7 on all of the acquisitions; Savills Investments advised Valad on the sales of the Landmark Portfolio, Sports Business Centre and Wegalaan; Ringstate BV acted for M7 on the acquisition of Leyweg Den Haag, while Nadorp Investment Services acted on behalf of the vendor; and 3Stone provided brokerage advice to M7 on the acquisition of Australielaan 14-16 and Vrieslantlaan 1-3, Utrecht.