Bankinter Investment and Valfondo, managers of the Montepino logistics portfolio, have made a splash in the Portuguese market with the acquisition of a massive land plot in Lisbon from Novobanco.
The deal, which is believed to be the largest logistics development operation of the decade in Portugal, involves a plot of land with a surface area of 414,000 m2 and a leasable area of 147,000 m2 that will become part of Montepino's logistics portfolio. The land acquisition volume is believed to be over €30 mln.
The plot has all the licenses and over 60% of the urbanisation works have been completed, so Valfondo plans to start the construction works by the end of 2022.
Negotiations are currently underway with potential tenants interested in this project.
Juan José Vera, director of Montepino and CEO of Valfondo, said: ‘It represents the materialisation of the internationalisation strategy we launched at the beginning of this year to diversify our operations in terms of both locations and potential clients.’
The Montepino platform is believed to be looking to expand its portfolio in Portugal beyond this initial acquisition.
Valfondo's director of international expansion, Ben Alogo, added: ‘This purchase represents a solid entry into Portugal that will allow us to deploy our capabilities in a major project generating value in the country. We have plans for long-term implementation in Portugal with a successful model tested in Spain.’
The project is strategically located at the junction of the A1 motorway from Lisbon to Porto in Castanheira do Ribatejo where it intersects with the A10, the motorway linking Lisbon with Spain and the Algarve.
The area concentrates more than 60% of the logistics parks in Lisbon, which in turn hosts over 80% of the logistics parks in Portugal.
This is Montepino’s first project on the international real estate scene, after becoming one of the leading developers and asset managers specialising in logistics in Spain.
CBRE advised Montepino on the deal.
