Blackstone Real Estate Partners Europe IV (“Blackstone”) announces its first logistics investment in Portugal for its European logistics platform, Logicor, through the acquisition of a portfolio of five high-quality logistics assets from funds managed by Novo Banco Group (previously Banco Espírito Santo) through ESAF - Espírito Santo Fundos de Investimento Imobiliário, S.A.
The 185,000 m² portfolio is principally located in Azambuja, Portugal’s premier logistics center, located to the north-east of Lisbon. The properties are fully let, and key occupiers include Sonae and Logiters. This acquisition takes Logicor's Spain and Portugal portfolio to more than 825,000 m².
Mo Barzegar, Chief Executive and President of Logicor, said: “We are delighted to be adding these properties in Portugal to our portfolio. Growth in Portugal will improve export performance and consumer confidence, which in turn will drive increased demand for modern logistics space in the greater Lisbon area. This transaction broadens our product offering, deepens our customer relationships and is consistent with our strategy of investing in key logistics locations in proximity to major urban and metropolitan areas.”