Blackstone purchased from M7 Real Estate a 15 logistic asset portfolio for 125 million euros. This is the second logistics’ portfolio to be purchased by Blackstone in Portugal, in one month.
It is worth recalling that, at the end of May, the U.S. asset manager company acquired a 20 logistic asset portfolio from GNB Real Estate fund and Novo Banco for 208 million euro - the Connect portfolio. The acquisition of these two portfolios exceeded 330 million euros.
James Seppala, director of Blackstone's European Real Estate, told Negócios these investments were «an excellent opportunity» to «expand our logistics portfolio in Portugal», where «there is still a strong demand for distribution warehouses». He further confirmed that Blackstone's investment in this segment will continue and that «the acquisition of these two logistics portfolios shows confidence in the sector».
According to the same source, the buildings are leased to distribution and retail companies, and that now, the lease of the Connect portfolio will be managed by Logicor, one of the companies within the Blackstone universe.
Blackstone strengthens its position in Portugal with 35 assets
Blackstone acquired two portfolios in one month, encompassing 35 buildings and totalling 530.000 sqm. These figures nearly doubled Blackstone's properties area in Portugal which has now reached 1.080.000 sqm. The new properties are located mainly in Lisbon and Porto’s metropolitan areas.