Patron Capital and industrial real estate manager Inbright have partnered to launch a €100m value-add investment venture focused on light industrial properties in Portugal.
The pair has created the venture to mainly target assets with value-add potential for refurbishment to modern energy-efficient standards in the Greater Lisbon and Greater Porto areas.
The venture may also target acquisitions in “strong” Portuguese regions, industrial clusters and key transport hubs, the companies said.
The partnership’s first asset is the 16,259sqm multi-let Alto BP industrial estate in Vila Franca de Xira north-west of Lisbon. The property was acquired from private equity company ECS and is 90% occupied.
The latest venture represents the second partnership between Patron Capital and Inbright, following their previous €250m investment strategy focused on light industrial and logistics properties in Germany. Patron Capital has also partnered with Base Investments to develop a portfolio of light industrial and logistics assets in the Netherlands.
Jonatas Szkurnik, senior partner and investment director at Patron Capital, said: “We see significant potential in the Portuguese light industrial and logistics market. This is being driven by robust demand from occupiers seeking high-quality, efficient and modern space of the kind our new venture with Inbright Portugal will set out to deliver.
“We are also seeing demand from owner-occupiers for sale-and-leaseback arrangements with investors that enable them to unlock capital to be re-investment in their core business. Patron Capital and Inbright Portugal have the flexibility and capital to provide funding solutions and modern spaces to the market.”
Christoph Gumlich, managing partner at Inbright Portugal, said: “This first acquisition in Portugal highlights the programme’s focus on assets in excellent locations with potential to be optimised through active asset management and sustainable refurbishment.
“There is high demand for modern, ESG-compliant light industrial and logistics properties in Portugal and by leveraging our expertise, we will develop and manage high-quality assets that meet market needs, improve sustainability standards, and capitalise on growth potential.”
Manuel Noronha Andrade, CEO of ECS, said: “We are pleased to have concluded this transaction with Patron Capital and Inbright Portugal. Throughout the process, we worked in a goal-oriented and constructive manner.
“Their solid approach and high expertise give us confidence that the sold asset will continue to thrive and make a positive contribution to the Portuguese light industrial and logistics market.”
To read the latest IPE Real Assets magazine click here.
