US sale-and-leaseback specialist WP Carey has announced the off-market acquisition of a central logistics facility near Lisbon, Portugal, totalling 50,000 m2 for €43 mln.
The distribution centre is subject to an existing triple-net lease with over 10 years remaining with Sonae MC, a major Portuguese food retailer.
The asset is located in the Azambuja logistics park, Portugal’s prime logistics hub, and represents Sonae MC’s central distribution facility and its only warehouse in the Azambuja region with cold storage for perishable food products. Together with two neighbouring Sonae logistics centres, the facility forms a strategic logistics hub from which Sonae operates its retail stores in central and southern Portugal.
The facility is situated on a large parcel of land with substantial building rights, providing potential future expansion opportunities.
'Logistics remains a sought-after asset class across Europe, which has demonstrated attractive liquidity and growth trends,' said Arvi Luoma, head of European Investments at WP Carey. 'Our acquisition of a mission-critical facility in a prime logistics location in Portugal was a rare and attractive opportunity in a market with relative undersupply.'
