Invesco Real Estate has acquired a fully-occupied logistics park in the Northern Area of Lisbon, considered one of the top prime logistics districts in Portugal. The off-market transaction was made on behalf of one of the firm’s long-standing German separate account clients Bayerische Versorgungskammer (BVK). The purchase price was not disclosed.
The logistics park comprises a total GLA of 78,000m² divided into six warehouses and two ready-to-build additional plots of land. The asset benefits from a prime location only 14km away from Lisbon city centre, 9km from the airport and direct access to the main Portuguese national highway. The investment also adds a prime logistics product with high technical specifications and fully leased to strong tenants to the pan-European mandate, which Invesco manages for BVK.
Fernando San Juan Monje, Director – Transactions, Spain at Invesco, comments: “We are very excited to have secured this multi-tenant logistics park located in Lisbon. With a significant undersupply of high-quality logistics assets due to the physical constraints of the city, the strong resurgent economy in Portugal and a continued increase in e-commerce, this investment offers an attractive opportunity for our entry into the Portuguese market.”
Steffen Pilopp, Senior Director – Fund Management at Invesco, adds: “Portuguese logistics have become an attractive product for institutional investors as they offer yield premium compared to other European markets and forecast of rental growth driven by e-commerce. This asset in its current promising market environment offers clear value creation opportunities to actively manage the asset and create NOI growth for our client.”
