20 Jul 2022
M7 sells c.189,000 sq m of Portuguese logistics assets to Blackstone
M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces that it has agreed to the sale of 15 high-quality logistics assets in Portugal, totalling c. 189,000 sq m, to Blackstone for a total purchase price of €125 million.
M7 acquired the assets between 2019 and 2020, which feature a strong and diverse mix of occupiers including Schnellecke, CTT, and Jerónimo Martins. M7 will continue to manage the assets and advise Blackstone on further acquisitions.
The portfolio, which was constructed between 1998 and 2004, benefits from high-quality specifications with an average clear height of nine metres. The vast majority of the assets are located in the highly coveted major cities of Porto and Lisbon which have a combined population of 4.5 million people.
The assets were sold on behalf of the Portuguese Industrial Fund (“PIF”) and the Portuguese Active Fund (“PORAF”).
Leonardo Peres at M7 Real Estate commented: “The sale of these assets is a testament to our ability to identify logistics assets in competitive urban locations. We saw an opportunity to benefit from the strength of the Portuguese market, which is structurally undersupplied in well-connected urban areas, such as Lisbon and Porto, and currently experiencing a surge in occupier demand. We decided that now is the optimum time to sell the portfolio in line with our business strategy, generating attractive returns for our investors.”