M7 Real Estate’s value-add Portuguese real estate fund is fully invested, the manager said as it announced the acquisition of seven light industrial and logistics assets.
M7 said it acquired the assets for €35m in total in four separate transactions on behalf of the M7 Portuguese Active Fund (M7 PORAF).
The properties, comprising a total floor area of 75,232sqm of predominantly light industrial and logistics space, are located in Lisbon, Porto and Évora, in central Portugal.
M7 said it has identified a number of asset management opportunities across the portfolio, which is 90% let to 13 occupiers.
The latest acquisitions, which form the second tranche of capital deployed on behalf of M7 PORAF, complete the acquisitions for the fund.
M7 PORAF was launched in the third quarter of 2018.
In March this year, the fund bought its first portfolio of assets in a deal worth €55.7m.
M7 said following the latest deals, the dedicated Portuguese fund and now holds a €91m portfolio of 22 office, logistics, light industrial and retail parks totalling 172,329sqm.
Leonardo Peres, managing director M7 Portugal, said: “In a supply-constrained market, this portfolio is an exciting opportunity for value and income creation through further asset management initiatives.
”Leveraging our track record in executing asset management programmes, our focus is now on delivering our business plan for the portfolio, which includes enhancing rental income and capital value.”
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