M7 Real Estate has sold two Portuguese multi-let industrial assets in its joint venture with a US-based investment manager.
The pan European investor and asset manager said it has sold Parque Tagus and Parque Jamor to family offices for a total of €8mn.
The properties, which comprise around 22,000sqm, are located in Portugal’s western corridor outside of Lisbon.
The two assets were acquired in January 2016.
In October 2015, M7 launched a joint venture with a US investment manager and opened a Lisbon office. The London-based investment manager said it would invest €250m in Portugal with a “well-capitalised US investment manager”.
Parque Tagus and Parque Jamor were acquired in January 2016.
Leonardo Peres, a managing director of M7 Real Estate in Portugal, said: “The sale of the assets in the JV ahead of the anticipated time frame and at the prices achieved demonstrates our ability to deliver returns for our investors through active asset management and a value-add approach.
“The strength of the Portuguese market has led to a shortage of compelling investment opportunities for investors and has therefore enabled the estimated five year hold period for the assets to be halved whilst still achieving their projected returns.”