Blackstone Real Estate Partners Europe IV has acquired a portfolio of 10 retail and logistics assets in Portugal for its European retail platform, Multi Corporation, and logistics arm Logicor.

Blackstone Real Estate Partners Europe IV has acquired a portfolio of 10 retail and logistics assets in Portugal for its European retail platform, Multi Corporation, and logistics arm Logicor.

Blackstone is acquiring the portfolio from funds managed by Novo Banco Group (previously Banco Espirito Santo) through ESAF - Espírito Santo Fundos de Investimento Imobiliário. Cushman & Wakefield advised Blackstone.

The retail portfolio consists of 65,000 m2 of retail space, mainly located in and around Lisbon. Retailers include Portuguese market leaders such as Continente and Modelo.

'These assets have dominant market positions. We will apply our skills and experience as a leading pan-European operator to invest in them and to further improve their offer for retailers and local consumers,' said Jaap Blokhuis, CEO of Multi which already owns and manages Forum Sintra in the Lisbon region.

The logistics properties comprise 185,000 m2 and concentrated in Azambuja to the northeast of Lisbon. The properties are fully let, with key occupiers including Sonae and Logiters. The acquisition takes Logicor's Spain and Portugal portfolio to more than 825,000 m2.

Mo Barzegar, CEO of Logicor, said: 'We are delighted to be adding these properties in Portugal to our portfolio. Growth in Portugal will improve export performance and consumer confidence, which in turn will drive increased demand for modern logistics space in the greater Lisbon area.'

Logicor, Blackstone's European logistics platform, currently owns over 6 million m2 of space in properties across key markets in 12 countries.

'This transaction is a credit to Blackstone for demonstrating strategic vision and a strong ability to execute, and also to ESAF for creating such a high quality portfolio,' said Luis Rocha Antunes, head of Cushman & Wakefield’s Investment team in Portugal.

'The Portuguese market has seen considerable improvement since the clean exit from the “Troika”-led financial assistance program in May this year. While investing in Portugal continues to require some prudency, there are excellent opportunities available for the discerning investor,' continued Rocha Antunes. 'After several years of near stagnation, the total volume of deals in the market this year is likely to be of the order of €1 bn, and Cushman & Wakefield alone expects to be involved in more than €500 mln by the year-end.'