5 May 2021
M7 Real Estate fully lets warehouse asset in Greater Lisbon
M7 Real Estate (“M7”) the pan-European investor and asset manager has, on behalf of the M7 Portuguese Active Fund (“M7 PORAF” or the “Fund”), fully let Casal Pinheiro in Carregado, Greater Lisbon.
Casal Pinheiro comprises two high quality warehouse buildings with a total floor area of 6,926 sq m. The new letting is over Unit 1 which totals c. 3,410 sq m, comprising a 2,660 sq m warehouse and 750 sq m of office space.
Carregado is one the largest logistics areas in Greater Lisbon, just 35 km from the City Centre and has excellent road connectivity with the A1 motorway (Lisbon – Porto) and the A9, the capital´s regional outer ring motorway.
The tenant is an international pharmaceutical company headquartered in Ireland, focused on investing and distributing alternative high quality medicinal products for the European markets. It currently has offices and facilities in Ireland, Germany, Portugal, Switzerland, Greece, the UK, and Israel.
M7 has secured an 11 year lease, resulting in full occupancy of the asset which was acquired by the Fund in 2019.
M7 PORAF is a discretionary fund with a diversified portfolio consisting of office, retail park and industrial properties, located in key regional Portuguese markets with the majority of the portfolio located in the Greater Lisbon and Porto regions.
João Salema Garção, Asset Manager at M7 Portugal commented: “We are extremely pleased with this letting which was achieved quickly and ahead of the business plan. It diversifies our occupier mix with a tenant in a growth pharmaceutical sector which is also part of the broader healthcare industry.
“In the current challenging environment, M7 PORAF´s diversified asset and tenant base generates solid and long-term income for our investors. The continuing demand for good quality industrial space in areas of strong connectivity demonstrates the strength and dynamism of the Portuguese industrial market with rents continuing to improve.”