M7 picks up four Portuguese last mile logistics assets

Pan-European real estate investor and manager M7 Real Estate has acquired four last mile logistics properties in Portugal, via three separate off-market transactions, on behalf of funds managed by Blackstone.

Financial details were not disclosed.

The assets, which comprise a total of 36,400 m2 are located in Porto and Lisbon, and were acquired from Santander Asset Management, Interfundos, as well as DSV.

The properties feature a diverse and attractive mix of occupiers including DSV and Rangel.

M7 will pursue an active asset management strategy aimed at driving the income profile of the assets by leasing up the existing 16% vacancy within the properties and reducing NOI leakage.

Leonardo Peres, managing director, M7 Portugal commented: 'These latest acquisitions deepen our strong working relationship with Blackstone and demonstrate our ability to identify attractive core+ last mile investments.

'We believe these acquisitions will allow us to capitalise on favourable supply and demand dynamics driven by the continued occupier demand for well-specified and well-located assets, providing excellent potential for future growth.'

M7 was advised by Uría Menéndez Abogados, Deloitte, Howden, Arcadis and Nova Ambiente.

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