Invesco buys Portuguese logistics asset for German pension fund BVK
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.”