Global real estate investment manager Invesco Real Estate has acquired a fully-occupied logistics park in the northern area of Lisbon, on behalf of one of the firm’s German separate account clients, Bayerische Versorgungskammer (BVK).
Financial details were not disclosed.
'We are very excited to have secured this multi-tenant logistics park located in Lisbon,' said Fernando San Juan Monje, director – transactions, Spain at Invesco.
'With a significant undersupply of high quality logistics assets due to the physical constraints of the city, the strong resurgent economy in Portugal and a continued increase in e-commerce, this investment offers an attractive opportunity for our entry into the Portuguese market,' said Monje.
The logistics park comprises a total gross leasable area of 78,000 m2 divided into six warehouses and two ready-to-build additional plots of land. It is fully leased to 'strong tenants', Invesco said.
'Portuguese logistics have become an attractive product for institutional investors as they offer yield premium compared to other European markets and forecast of rental growth driven by e-commerce,' said Steffen Pilopp, senior director – fund management at Invesco.
'This asset in its current promising market environment offers clear value creation opportunities to actively manage the asset and create NOI growth for our client,' Pilopp concluded.
