M7 Real Estate has sold a portfolio of 27 retail properties in Germany to the FIM Group for €86.4m (£78.1m).
The properties, spanning more than 780,000 sq ft, are let to occupiers including Lidl, Netto and Edeka, and were bought by M7 for its M7 Islay fund in various deal during 2015 and 2016.
Alyssa Huse, managing director of M7 Real Estate in Germany, said: “Leveraging our asset management expertise, we have improved the performance across the portfolio, attracting a diverse occupancy base to these well-located assets and creating an attractive market proposition.”
Jan Lerke, FIM Group’s managing director for real estate management, said the company is in talks with parties about further work on the portfolio. “We see good potential for value enhancement in the portfolio, and we want to continue the path already taken by M7 by optimising individual properties,” he added.
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