22 Oct 2020
M7 fully lets Sintra Villa Park, Sintra, Lisbon
M7 Real Estate (“M7”) the pan-European investor and asset manager has, on behalf of M7 PORAF, secured four new lettings at Sintra Villa Park, resulting in full occupancy of the asset with a diversified tenant mix.
The 4,442 sq m estate, which consists of three linked warehouse buildings divided into nine units, is located in Terrugem, a well-established industrial location just 5km north of Sintra and 22km North West of Lisbon´s city centre. It provides light industrial/warehouse space and was purchased with a vacancy rate of 15%. Through proactive marketing and managing the established occupier base within the estate, M7 was able to both identify new occupiers and re-gear a number of existing leases. This has resulted in the full occupation of the asset.
João Salema Garção, Asset Manager at M7 Portugal commented: “Despite the Covid-19 pandemic, the team has been able to deliver new lettings ahead of the underwritten timings in the business plan, which demonstrates the strength of the light industrial market in and around Lisbon. Rental values and yields for the sector continue to rise, in the backdrop of limited supply, which has resulted in the asset class remaining highly attractive for investors. The ability to achieve the leasing activity demonstrates how the team are able to use their local market knowledge and presence to capitalise on the demand and generate high value transactions.”