M7 Real Estate, the pan-European real estate investor and manager, continues the growth of its Portuguese platform with the acquisition of four last mile logistics assets.
The assets, which comprise a total of c. 36,400 square meters are located in Porto and Lisbon, and were acquired from Santander Asset Management, Interfundos, as well as DSV.
The properties feature a diverse and attractive mix of occupiers including DSV and Rangel. M7 will pursue an active asset management strategy aimed at driving the income profile of the assets by leasing up the existing 16% vacancy within the properties and reducing NOI leakage.
Colliers advised Santander Asset Management in the sale of two buildings located in the Folgosa area, in Greater Porto. The buildings have a total area of 11,500 square metres. As regards the first one, it has a GLA of c. 4,800 square metres and in addition to the industrial complex it includes a contingent office building. The second ship has c. 6,700 square metres of GLA. These 2 assets amounted to 7.4 million euros.
The other 2 assets are located in Porto and Lisbon, with areas of 10.000 sqm and 14.900 sqm respectively. It is know that the Porto warehouse is fully occupied, although the tenant was not disclosed.
Leonardo Peres, Managing Director, M7 Portugal commented: “These latest acquisitions deepen our strong working relationship with Blackstone and demonstrate our ability to identify attractive core+ last mile investments. We believe these acquisitions will allow us to capitalise on favourable supply and demand dynamics driven by the continued occupier demand for well-specified and well-located assets, providing excellent potential for future growth.
M7 was advised by Uría Menéndez Abogados, Deloitte, Howden, Arcadis and Nova Ambiente.
