CBRE Global Investors has bought a 36,600m² logistics warehouse in Setúbal, Portugal, through a sale-leaseback operation with Decathlon, on behalf of its CBRE European Industrial Fund (EIF). The acquisition falls in line with CBRE Global Investors' strategy to invest in prime logistics properties across Europe, creating a leading investment portfolio of logistics hubs let to top tier tenants
The warehouse was built in 2012 to the highest standards and the most rigorous technical requirements. This is a best-in-class asset that meets the significant requirements of the current tenant, while maintaining flexibility to be reconfigured for single or multiple occupier use in the future.
It is strategically located in the great Lisbon area, in a preeminent industrial and logistics area. It is close to Setubal’s harbour and to the railway network, with direct road connections to north and south of Portugal and to Spain. The current occupation scheme is divided into 33,200m² of warehouses and 3,500m² of retail. The premises are exclusively occupied by Decathlon and house the Company’s distribution centre for Portugal.
Pierre-David Baylac, Fund Manager of EIF, CBRE Global Investors commented; “We are pleased to have increased EIF’s presence in Portugal. The Grade A asset which is divisible as well as having an extension capacity, is let to a strong tenant and is ideally located. It fits well within our strategy and we believe it will deliver out performance over the long term.”
José Antonio Martín Borregón, Managing Director de CBRE Global Investors Spain and Portugal adds: “The acquisition of this logistics warehouse confirms the interest and confidence by CBRE GIobal Investors to consolidate its already long track record of investments in Portugal. With our strong team on the ground, we continue to source further investment opportunities for our clients."
With this acquisition, CBRE Global Investors increases its logistics portfolio in the Iberian Peninsula to 29 assets under management, exceeding 600,000m². In addition, the firm is currently sourcing further investment opportunities to increase its logistics portfolio as part of its strategy for 2016. Recently CBRE Global Investors, on behalf of EIF, acquired an XL asset in Miralcampo (Azuqueca de Henares), close to Madrid.