Invesco Real Estate has bought its first logistics asset in Portugal for German pension fund Bayerische Versorgungskammer (BVK).

Invesco said it acquired a fully-occupied 78,000sqm logistics park in the northern area of Lisbon on behalf of its long-standing German separate account client BVK for an undisclosed sum.

The logistics park is divided into six warehouses and two ready-to-build additional plots of land.

Fernando San Juan Monje, a director in charge of Invesco’s transactions in Spain, said: “With a significant undersupply of high-quality logistics assets due to the physical constraints of the city, the strong resurgent economy in Portugal and a continued increase in e-commerce, this investment offers an attractive opportunity for our entry into the Portuguese market.”

Steffen Pilopp, a senior director at Invesco in charge of fund management, said: “Portuguese logistics have become an attractive product for institutional investors as they offer yield premium compared to other European markets and forecast of rental growth driven by e-commerce.

“This asset in its current promising market environment offers clear value creation opportunities to actively manage the asset and create NOI growth for our client.”