Pan-European investor and asset manager M7 Real Estate has acquired a total of 16 assets across Portugal from six vendors for a total of €55.7 mln.
The transactions were executed on behalf of the recently established M7 Portuguese Active Fund (M7 PORAF).
'We are extremely pleased to have acquired this first tranche of assets for our new Portuguese fund,' said Leonardo Peres, M7's managing director for Portugal.
'These acquisitions demonstrate M7’s ability to identify assets, both on and off market, where there is an opportunity to create additional value,' Peres added. 'They provide a strong and diverse income stream and there is also a range of opportunities to enhance capital and rental values through a targeted asset management programme. Finally, we have identified a strong pipeline and expect to announce further acquisitions shortly.'
The assets comprise multi and single-let urban logistics assets (48%), office and business parks (22%) and retail parks (30%). The portfolio totals 100,999 m2 of accommodation, the bulk (87.8%) of which is occupied by 41 tenants. M7 said that the assets presented an opportunity to add value by improving occupancy and capturing reversion through active asset management.
The majority (14) of the assets are situated within close proximity to Lisbon and Porto, while the remaining two assets are located in the Centro region.
M7 PORAF will continue to target value-add regional real estate in the core regions of Portugal including Greater Lisbon and Porto, according to the firm. The fund is managed by M7 with asset management services provided by M7’s Portuguese business, which is based in Lisbon.
SRS acted as legal advisor, Savills Portugal as technical advisor and Ambiente as environmental advisor for M7.