M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has successfully regeared a lease with the existing tenant, Carreras, at Aveiras 4, on behalf of the M7 Portuguese Active Fund (“M7 PoRAF”).
The asset, located in Aveiras de Cima, Azambuja (Greater Lisbon), is 30 minutes from Lisbon’s International Airport and is situated less than 5km from the A1 motorway, providing access to Lisbon, Porto and other important cities such as Santarém, Leiria, Coimbra and Aveiro.
The property, bought in February 2019, totals 24,331 sq m of warehouse space (comprising ten warehouse units ranging between 1,693 sq m to 2,813 sq m) with ancillary office space. It also has a meaningful area dedicated to cold storage. Each unit has two/three loading doors with an internal height of nine metres providing the flexibility to have multiple tenants in occupation. The property is 100% let to Carreras on a ten year lease, with a five-year break option, providing long term index-linked income for the portfolio.
Carreras is one of Europe´s leading logistics groups, operating in Iberia and Europe offering national and international transport, storage, distribution, handling, co-packing, pallet management and logistics consulting.
Eduardo Craveiro Lopes, Senior Asset Manager at M7 Portugal, commented: “Through intensive contact and discussions with the tenant, M7 has been able to secure a new ten year lease with Carreras. These activities were undertaken during the backdrop of Covid, underlining M7’s philosophy to be an active manager. This lease helps Carreras plan for the next phase of its growth and also adds more income certainty to the M7 PORAF fund.”