M7 Real Estate has formed a Portuguese industrial and office investment venture with an unnamed global private equity firm and invested €41m to buy assets on behalf of the value-add fund.
The asset manager said the newly formed Portuguese Investment Fund (PIF) has bought the 85,600sqm portfolio of ten industrial and office assets in two separate deals. Portuguese bank, Novo Banco, has provided a €20.55m loan facility to finance the acquisition.
The PIF fund targets primarily logistics and office assets in Portugal with M7 acting as both investment and asset manager.
PIF represents M7’s second in fund in Portugal. The manager’s value-add M7 Portuguese Active Fund is fully invested.
David Ebbrell, CEO of M7 Real Estate, said: “The formation of PIF with our partner and the establishment of a new banking relationship with Novo Banco mark significant strategic milestones for M7, as we continue to grow our business internationally.
“We have a long-standing track record in successfully co-investing alongside our joint venture partners to execute and deliver on strategies which play to our niche and in-depth market expertise.
”The initial portfolio we have assembled for PIF presents an attractive opportunity to add value through intensive asset management, which will be led by our local team on the ground in Lisbon.”
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