M7 Real Estate signs c3,600 sq m office letting with SDI Media at Mokotow Plaza in Warsaw
M7 Real Estate (M7) a pan-European investor and asset manager, has completed a c3,600 sq m office letting at Mokotow Plaza in the Sluzewiec district of Warsaw, Poland, on behalf of M7 Polish Active Fund (M7 POLAF).
SDI Media, the world's leading provider of dubbing and subtitling services to the entertainment industry, has agreed an 11 year lease for the space, increasing the occupancy of the c15,400 sq m building to 81 per cent.
M7 acquired the asset in 2019 when it was only 42 per cent occupied. Since then, M7 has implemented an asset management strategy that has doubled the occupancy of the building, extended the WAULT, which is now in excess of six years, and has achieved a significant improvement in the net operating income. The asset is BREEAM ‘Excellent’ rated and has only 3,000 sq m available for occupation.
Launched in 2018, M7 POLAF is fully invested in a portfolio of office, light industrial and logistics assets totalling 99,500 sq m across Poland. The Fund’s investors include global high net worth individuals, family offices and sovereign wealth investors from Europe, Hong Kong and the Middle East.
M7 has completed more than 50 leasing transactions in the last year on behalf of the Fund.
Katarzyna Parkot, Managing Director in Poland at M7, says: “We are pleased with the implementation of our asset management strategy for Mokotow Plaza and M7 POLAF overall; this is the largest single office letting that we have signed in the Fund’s portfolio. We are thrilled to add SDI Media, a renowned international corporation, to the rent roll at Mokotow Plaza, which cements the building’s reputation as a desirable location for businesses in the local market.
“The Polish office occupational market continues to remain resilient, despite the headwinds of Covid-19. We continue to see both strong tenant demand and transactions occurring. As seen across many European markets, one of the key trends to emerge from the current situation in Poland is a shift in emphasis from tenants who are searching to find another way to use the office that supports cooperation, creativity and provides technological support to their workforce.”
M7 was advised by Savills.