Panattoni enters Portugal with a €50M project

Panattoni enters Portugal with a €50M project

The North American logistics real estate developer Panattoni announced this week its first project in Portugal, which will be developed in the Campo Valongo industrial complex, in partnership with the Castro Group, the future Panattoni Park Porto – an investment of more than 50 million euros.

The company purchased around 150,000 square meters of land in this industrial complex in the district of Porto (the value was not disclosed). Castro Group was responsible for monitoring the various phases of the business, including procurement, design and project management, in addition to the different stages of the pre-construction process of the project. Savills Portugal also accompanied the operation.

Panattoni Park Porto will have direct access to the A41, 2 km from the A4. It will lease 75,000 square meters prepared to “accommodate customized logistics or cross docking platforms in modules from 12,500 square meters”, says Panattoni in a statement. It will also have an area of ​​2,500 square meters with potential for the development of offices and parking for 300 vehicles, up to 150 loading docks and bicycle parking.

The complex will implement «all state-of-the-art sustainability specifications under the BREEAM “Very Good” certification». Its objective is to «develop innovative, modern, more sustainable and comprehensive solutions for the Portuguese market, with very competitive rental prices».

In the same statement, it can be read that "through an agreement with the Castro Group, a company from Braga that operates in the areas of real estate development and construction, this investment represents Panattoni's entry into the Portuguese market, thus continuing the significant volume of projects announced and under development throughout the Iberian Peninsula. An investment commitment that now extends to Portugal, and that promises to optimize the offer of solutions and properties existing in the Portuguese market, in the logistics and industrial segment».

Gustavo Cardozo, Panattoni's General Manager for Spain and Portugal, highlights that «we are proud to announce our arrival in the Portuguese market after the agreement with Castro Group. A market with excellent conditions to invest and grow, hand in hand with local and international companies operating in Portugal». He points out that «Panattoni Park Porto is the beginning of a clear commitment to continue to grow in the different markets of the Iberian Peninsula, with Portugal being a special investment destination».

Paulo Castro, CEO of the Castro Group, says that «it is a historic milestone for the Group to participate in the expansion of Panattoni, in Portugal. We believe that the success of this project is proof of the current importance of the logistics sector in the Iberian Peninsula, driven by several factors, namely the growth of e-commerce and the readjustment of logistics chains. It is very gratifying to recognize our expertise in this sector, which has allowed us to accompany Panattoni in all phases of the business and to consolidate its presence as a logistics reference in Portugal».

José Manuel Ribeiro, Mayor of Valongo points out, says that «it is another great investment that we managed to attract to our county. We believe that an investment of over 50 million euros, in a state-of-the-art logistics park and with a leading international partner such as Panattoni, brings more opportunities for the local business fabric and the creation of more jobs».

Paulo Esteves Ferreira, City Councilor of Valongo, responsible for municipal works, private works, mobility and community funding, adds that «entrepreneurs look for strategic locations for their investments, but strategy is not just about numbers. To attract an investment of this size, which will translate into the largest logistics park in the north of the country, the best we can offer, in addition to the reduction in fees and an excellent location, is a transparent service, in a clear language, and in the commitment of the agreed deadlines for the licensing'.

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