French real estate investment company Corum Investments has purchased a logistics center in Famalicão, Portugal, for €26 mln.
The property is on a 19-year lease contract with the Portuguese transport and logistics services company Olicargo.
Corum says the acquisition is aligned with its strategy of looking for opportunities that guarantee attractive returns for its investors. The company expects an initial gross return of around 8% indexed to inflation for subscribers of its Corum Eurion fund, which is available only to professional investors in Portugal.
The logistics property, which has a total land area of 67,000 m2, of which around 34,000 m2 are covered, is located in an industrial area 30 minutes from Porto. It offers tenants hot and cold areas, high ceilings, 72 unloading docks, as well as parking for 185 light cars and 36 heavy vehicles.
The versatile building was originally built for Lidl but has since been renovated and is now used by transport and logistics services company Olicargo to serve the North of Portugal.
The director of Corum Portugal, Miguel Costa Santos, said: ‘With this acquisition - carried out through the ESG certified fund Corum Eurion - Corum brings to 16 the number of commercial buildings owned in Portugal. It is an investment completely aligned with our strategy of looking for opportunities that guarantee attractive returns for our investors.’
Corum's investment manager for Southern Europe, Miguel Valente Bento, commented: ‘We continue to diversify the portfolio in Portugal with the addition of the second logistics asset in the country, a sector that has benefited from the growth of 'e-commerce' and where we expect income growth due to growing demand and scarcity of assets in the market.’
