Aquila Capital Southern European Logistics (ACSEL), an open-ended investment fund targeting newly built and ESG-compliant logistics properties in Italy, Spain and Portugal, has expanded its portfolio with the acquisition of an asset in Gandra, Greater Porto.
The 16,500 m2 warehouse was acquired from Aquila Sustainable Infrastructure, a subsidiary of Hamburg-based asset manager and project developer Aquila Group, with RPE Capital Markets advising on the sale. Financial details were not disclosed.
The Gandra asset was recently handed over to the tenant, Olicargo, who will operate the platform on a 20-year lease. The property is aiming for BREEAM Very Good certification.
The deal marks ACSEL's second acquisition in Portugal, where it previously acquired the Green Logistics Azambuja platform near Lisbon, a BREEAM Excellent cerified facility comprising 112,000 m2 and fully let to Sonae.
The fund's initial acquisitions following its launch in October 2021 were in Spain, where it holds assets and sites in Barcelona, Malaga, Illescas and Seville. The fund is targeting an investment volume of €1.5 bn.
Tim Seconde, head of capital markets at RPE, commented: ‘The logistics sector is at the top of the acquisition list for several international and national funds. This confidence will only increase as the macro-economic environment continues to improve gradually.
‘The biggest obstacle in Portugal at present is a lack of high-quality stock in this sector. Now is the time for growth and there are several high-quality projects due to be completed in the coming 6 to 18 months.’
Jens Hoeper, head of investment management logistics at Aquila Sustainable Infrastructure, added: ‘This transaction underscores our commitment to creating high-quality logistics spaces that meet the evolving needs of the market.’
