Blackstone Real Estate Partners Europe IV, a private equity firm specializing in real estate, announced that it has moved into the Portuguese logistics market with the acquisition of a portfolio of five logistics assets. The assets will be added to its European contract logistics platform, Logicor.
The 185,000 sq m portfolio is principally located in Azambuja, located to the north-east of Lisbon. The properties are fully let, and key occupiers include Sonae, a retail company, and the contract logistics company, Logiters. This acquisition takes Logicor’s Spain and Portugal portfolio to more than 825,000 sq m.
Mo Barzegar, Chief Executive and President of Logicor said, “We are delighted to be adding these properties in Portugal to our portfolio. Growth in Portugal will improve export performance and consumer confidence, which in turn will drive increased demand for modern logistics space in the greater Lisbon area. This transaction broadens our product offering, deepens our customer relationships and is consistent with our strategy of investing in key logistics locations in proximity to major urban and metropolitan areas.”
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